After prolonged negotiations, Cameron Winklevoss, co-founder of Gemini Exchange, took to Twitter today to share his “final offer” regarding the restructuring of Genesis, a struggling digital asset firm.
Winklevoss’s message made it clear that Barry Silbert, the founder of Digital Currency Group (DCG), is responsible for a substantial debt of $1.46 billion. If the debt remains unresolved, it may lead to potential legal consequences. In an open letter, the co-founder of Gemini stressed the urgency of the situation, stating that there is no room for additional delays or negotiations.
In a court filing submitted in January 2023, Genesis revealed a list of claims, which amounted to more than $3 billion owed to its top 50 creditors. Winklevoss emphasized that a considerable portion of this sum, approximately $1.2 billion, is owed to users who have earned funds through the platform.
Best and Final Offer pic.twitter.com/r7jyhJyKGg
— Cameron Winklevoss (@cameron) July 4, 2023
As shown in the provided image, Winklevoss strongly urged DCG to meet its payment obligations totaling $1.465 billion, which includes the outstanding payment of $630 million due in May.
In his message, he expressed that the time for playing games is over and highlighted that the extended resolution process has resulted in professional fees exceeding $100 million. These fees have been primarily allocated to lawyers and advisors, ultimately impacting creditors and Earn users negatively.
Winklevoss from Gemini Sets Deadlines:
The proposal requires a payment of $275 million to be made by July 21. If Silbert does not accept the proposed deal by 4 p.m. Eastern Time on July 6, Gemini plans to initiate legal action by filing a lawsuit against both DCG and Silbert on July 7.
Winklevoss emphasized that the proposal is fair and reasonable for everyone involved and sets the minimum acceptable terms for creditors who are required to support the agreement.
Some community members expressed skepticism about DCG’s ability to meet the July 7 deadline. However, a few others acknowledged that the latest deadline appears to be a short timeframe.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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