- Gemini’s co-founder has released a final offer
- He is demanding a total of $1.46 million from DCG
- The conglomerate must respond by July 6 and send the first tranche within the next two weeks
- otherwise, Gemini will file suit as early as July 7
This morning, July 4, Gemini co-founder Cameron Winklevoss released an 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 customers.
The long-running feud
This has been going on since the winter of this year. In early January, conglomerate Digital Currency Group (DCG) delayed payments to participants in its joint program with Gemini, sparking dissatisfaction with the twins.
Late this month, Genesis creditors filed a class action lawsuit against Silbert and his company. It is a subsidiary of the firm that eventually declared bankruptcy.
In late May, rumors swirled that DCG itself was on the verge of liquidation.. The conglomerate missed the $630 million payment intended for Gemini.
New terms
In an open letter, Cameron Winklevoss made a “final offer” to Silbert. It is demanding that DCG pay a total of $1.46 million, including the tranche outlined above.
The conglomerate must accept the offer by July 6. In this case, the company must make the first payment of $ 275 million until July 21. Otherwise, Gemini will sue.
As for Silbert himself, Cameron accused him of “playing to the public,” in which the conglomerate head makes himself look like a victim.
“This proposal is fair and reasonable for everyone and represents the minimum to which creditors agree,” stressed one of the twins.
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