Winklevoss Twins Criticize DCG’s Silbert, Claiming His Statements Reflect Unprecedented Delusion, Surpassing even SBF

Cameron Winklevoss, the founder and CEO of crypto exchange Gemini, has once again raised the prospect of a lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert. In an open letter dated July 3, Winklevoss accused DCG of fraudulent behavior and creating a culture of lies and deceit, which he claimed had harmed Gemini’s 232,000 Earn users.

Among the allegations made in the strongly-worded letter, Winklevoss accused Silbert of intentionally prolonging the resolution process by abusing mediation procedures. Winklevoss stated that DCG had been granted an indefinite forbearance on the $630 million owed to Genesis, the lender behind Gemini’s Earn program, without any cost.

Winklevoss expressed his disbelief at Silbert’s apparent attempt to position himself as the victim in this situation, stating, “It 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.” He compared Silbert’s behavior to that of Sam Bankman-Fried, noting that even Bankman-Fried had not exhibited such delusion.

The Genesis program, offered by Gemini Exchange, had promised depositors returns as high as 8%. However, on November 16, Genesis temporarily suspended withdrawals, citing unprecedented market turmoil. Subsequently, Genesis filed for bankruptcy on January 19, leaving Gemini seeking to recover its share of the outstanding billions owed to creditors.

After enduring what he described as multiple delays, Winklevoss declared that he had reached his limit. He informed Silbert that the time for games was over, highlighting that professional fees had escalated to over $100 million, which had negatively impacted credits and Earn users. Winklevoss insisted, “Enough is enough.”

Winklevoss issued an ultimatum to Silbert, demanding acceptance of Gemini’s “best and final offer” by 4 pm ET on July 6. Failure to comply would result in a lawsuit on July 7. The proposed offer called for 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, five years from the proposed “Plan Support Agreement” date.

Winklevoss specified that the payments should be made in Bitcoin (BTC), Ether (ETH), and the United States dollar (USD). He suggested that the funds could be sourced from Genesis Global Trading, potential payouts from FTX and Alameda Research’s bankruptcy estates, and any Avalanche (AVAX) and Near (NEAR) tokens that Gemini may have a claim to from Three Arrows Capital’s bankruptcy estate.

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