{"id":6189,"date":"2023-07-04T15:11:40","date_gmt":"2023-07-04T19:11:40","guid":{"rendered":"https:\/\/sikaoer.com\/winklevoss-slams-dcgs-silbert-not-even-sbf-was-capable-of-such-delusion\/"},"modified":"2023-07-04T15:11:40","modified_gmt":"2023-07-04T19:11:40","slug":"winklevoss-slams-dcgs-silbert-not-even-sbf-was-capable-of-such-delusion","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/winklevoss-slams-dcgs-silbert-not-even-sbf-was-capable-of-such-delusion\/","title":{"rendered":"Winklevoss slams DCG\u2019s Silbert \u2014 Not even SBF was \u2018capable of such delusion\u2019"},"content":{"rendered":"


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Founder and CEO of crypto exchange Gemini, Cameron Winklevoss, is again threatening to sue Digital Currency Group (DCG) and its CEO Barry Silbert over delays in resolving the issue of funds owed to Gemini by bankrupt lender Genesis, slamming the CEO for allegedly trying to play the victim card.<\/p>\n

In the July 4 \u201cOpen Letter to Barry Silbert,\u201d Winklevoss alleged the DCG enterprise had engaged in \u201cfraudulent behavior\u201d via a \u201cculture of lies and deceit\u201d \u2014 coming at the expense of Gemini\u2019s 232,000 Earn users. <\/p>\n

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Earn Update: An Open Letter to @BarrySilbert pic.twitter.com\/ErsYpcEjQD<\/p>\n

\u2014 Cameron Winklevoss (@cameron) July 4, 2023<\/p><\/blockquote>\n

Among the accusations in Winklevoss\u2019 strongly-worded letter is that Silbert intentionally delayed resolution through \u201cabuse\u201d of the mediation process. The letter states:<\/p>\n

\u201cMediation has given DCG an indefinite forbearance on the $630 million it owes Genesis \u2014 for free.\u201c<\/p><\/blockquote>\n

Most disturbing, according to Winklevoss, has been Silbert\u2019s apparent claim of being the \u201cvictim\u201d in the debacle.<\/p>\n

\u201cIt takes a special kind of person to owe $3.3 billion dollars to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim,\u201d said Winklevoss, adding:\u00a0<\/p>\n

\u201cNot even Sam Bankman-Fried was capable of such delusion.\u201d<\/p><\/blockquote>\n

DCG\u2019s Genesis was the lender behind Gemini\u2019s Earn program, which promised returns as high as 8% to depositors. However, on Nov. 16, 2022, Genesis announced it temporarily suspended withdrawals, citing \u201cunprecedented market turmoil.\u201d\u00a0<\/p>\n

Genesis later\u00a0filed for bankruptcy on Jan. 19, 2023, with Gemini seeking to recover its share of the billions owed by Genesis to creditors since.<\/p>\n

However, after what Winklevoss has described as multiple delays, he appears to have had enough. <\/p>\n

\u201cI write to inform you that your games are over,\u201d Winklevoss said, explaining that professional fees have now \u201cballooned\u201d to over $100 million at the expense of credits and Earn users. \u201cEnough is enough.\u201d<\/p>\n

Winklevoss has given Silbert an ultimatum, accept his firm\u2019s \u201cbest and final offer\u201d by 4 pm Eastern Time on July 6 \u2014 or face a lawsuit on July 7.<\/p>\n

The final offer to DCG from Winklevoss. Source: Twitter<\/figcaption><\/figure>\n

The offer pitched calls on DCG to make a $275 million payment by July 21, an additional $355 million before July 21, 2025, and a final payment of $835 million by July 21, 2028 \u2014 five years from the \u201cPlan Support Agreement\u201d date proposed by Winklevoss.<\/p>\n

The total payment will come to $1.47 billion. <\/p>\n

Related: <\/strong>Gemini, Genesis file to dismiss SEC lawsuit against Earn product <\/strong><\/p>\n

Winklevoss wants the payments to be made in the form of Bitcoin (BTC),\u00a0Ether (ETH)\u00a0and the United States dollar, with the funds sourced from\u00a0Genesis Global Trading, potential payouts from FTX and Alameda Research\u2019s bankruptcy estates, in addition to Avalanche (AVAX)\u00a0and Near (NEAR)\u00a0tokens that it may have a claim to from the Three Arrows Capital\u2019s bankruptcy estate.<\/p>\n

Cointelegraph reached out to DCG for comment but did not receive an immediate response.<\/p>\n

Magazine: <\/strong>Unstablecoins: Depegging, bank runs and other risks loom<\/strong><\/p>\n<\/div>\n