• Winklevoss accused Silbert of trying to play the victim after DCG illegally froze over $1.2B.
• According to Winklevoss’ letter, Silbert abused the mediation process and delayed things.

In an open letter, Gemini’s co-founder and president Cameron Winklevoss issued a 3-day deadline to Digital Currency Group’s (the parent company of defunct cryptocurrency lender Genesis) founder and CEO Barry Silbert. The president of Gemini has threatened legal action if Silbert and DCG do not accept the modified offer by 4 pm ET on July 6, 2023.

On July 3, Winklevoss accused Silbert of trying to play the victim after DCG illegally froze over $1.2 billion in funds belonging to Gemini Earn clients in Genesis. He alleges that Silbert has ignored the bogus assertions made to creditors and has instead cultivated a deceitful mindset.

According to Winklevoss:

“You offer no apology to creditors and Earn users for holding their money hostage during the holiday season. No apology for the stress, anxiety, and pain you have caused them and their families. And no apology for the burned bridges and value destruction you have caused our entire industry. No contrition or acknowledgment whatsoever.”

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Filing of Turnover Motion

President of Gemini claims that not even Sam Bankman-Fried (SBF), founder and former CEO of collapsed crypto exchange FTX, is capable of such insanity. He said that after seeing his actions had hurt others, SBF tried to make things right.

According to Winklevoss’ letter, Silbert abused the mediation process and purposely caused delays to buy time. Since Genesis stopped processing withdrawals, Winklevoss claimed Silbert has had no intention of negotiating a deal with creditors and Gemini Earn clients. Winklevoss will also file a turnover motion, which would call for the immediate payment of $630M to customers and creditors of Gemini Earn.

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