Winklevoss criticizes DCG’s Silbert – not even SBF was ‘capable of such deception’

Gemini crypto exchange founder and CEO Cameron Winklevoss is again threatening to sue Digital Currency Group and its CEO Barry Silbert over delays in the Genesis solution for its Earn customers, while also hitting out at the CEO for allegedly trying to play the victim card.

In an “Open Letter to Barry Silbert” dated July 3, Winklevoss alleged that DCG had engaged in “fraudulent conduct” through a “culture of lies and deception” — which came at the expense of Gemini’s 232,000 Earn users.

Among the allegations, Winklevoss’ strongly worded letter states that Silbert intentionally delayed resolution by “abusing” the mediation process, stating:

“Mediation gave DCG unlimited forbearance on $630 million owed to Genesis – for free.”

Most troubling, according to Winklevoss, was Silbert’s apparent claim that he was a “victim” of the debacle.

“It takes a special kind of person to owe $3.3 billion to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim,” Winklevoss said, adding:

Not even Sam Bankman-Fried was capable of such deception.’

DCG Genesis was the lender behind Gemini Exchange Earn, a product that promised depositors returns of up to 8%. However, on November 16, Genesis made the announcement temporarily suspended withdrawals citing “unprecedented market turmoil”. Genesis later filed for bankruptcy on January 19.

Genesis later filed for bankruptcy On January 19, Gemini seeks to recover its share of the billions that Genesis has since owed creditors.

However, after what Winklevoss described as multiple delays, it appears he’s had enough.

“I am writing to inform you that your games have ended,” Winklevoss said, explaining that professional fees have now “inflated” to more than $100 million at the expense of user credits and earnings. “Enough is enough.”

Winklevoss has now given Silbert an ultimatum, accept his firm’s “best and final offer” by 4pm ET on July 6 – or face a lawsuit on July 7.

The final offer for DCG as presented by Cameron Winklevoss. Source: Twitter

The offer called for DCG to pay $275 million by July 21, an additional $355 million by July 21, 2025, and a final payment of $835 million by July 21, 2028 — five years from the date of the “Plan Support Agreement” proposed by Winklevoss.

Total payment will come to $1.47 billion.

Related: Gemini, Genesis File to Dismiss SEC Lawsuit Against Earn Product

Winklevoss wants payments to be made in the form of bitcoins (BTC) Ether (ETH) and the US dollar (USD), with funds coming from Genesis Global Trading, potential payouts from FTX’s bankruptcy estate, and Alameda Research in addition to Avalanche (AVAX) and Near (AT) tokens to which Three Arrows Capital may be entitled in bankruptcy.

Cointelegraph reached out to DCG for comment but did not receive an immediate response.

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