- Gemini co-founder releases final proposal
- He is asking DCG to pay a total of $1.46 million.
- The conglomerate must respond by July 6 and send the first tranche within the next two weeks
- Otherwise, Gemini will file a lawsuit on July 7
This morning, July 4, Gemini co-founder Cameron Winklevoss published open letter. In it, he threatened Barry Silbert, the founder of DCG, with a lawsuit if the conglomerate did not repay a $1.46 billion debt to the exchange and its clients.
This confrontation has been going on since this winter. In early January, the conglomerate Digital Currency Group (DCG) delayed payments to participants in its Earn program with Gemini, which angered the twins.
At the end of the month, Genesis creditors filed a class action lawsuit against Silbert and his company. This is a subsidiary of the firm, which eventually declared itself bankrupt.
At the end of May, rumors spread that DCG itself was on the verge of liquidation. The conglomerate missed a $630 million payout intended for Gemini.
In an open letter, Cameron Winklevoss put forward a “final offer” to Silbert. It requires DCG to pay a total of $1.46 million, including the tranche indicated above.
The conglomerate must accept the offer by July 6. At the same time, the company is obliged to make the first payment in the amount of $275 million by July 21. Otherwise, Gemini will file a lawsuit.
As for Silbert himself, Cameron accused him of “playing for the public”, in which the head of the conglomerate exposes himself as a victim.
“This offer is fair and reasonable to all and represents the minimum that lenders agree to” said one of the twins.