Cameron Winklevoss Gives Barry Silbert 3-Day Ultimatum in Open Letter
Cameron Winklevoss, the co-founder and president of cryptocurrency exchange Gemini, has issued a 3-day ultimatum to Barry Silbert, the founder and CEO of Digital Currency Group (DCG). In an open letter, Winklevoss threatens to sue Silbert and DCG if they fail to agree to a newly-presented offer by July 6, 2023.
Key Points:
– Winklevoss criticizes Silbert for DCG’s fraudulent behavior, which led to over $1.2 billion of Gemini Earn customer assets being trapped in Genesis.
– Winklevoss accuses Silbert of fostering a culture of lies and deceit, failing to apologize to creditors and users, and causing stress and pain to individuals and their families.
– Winklevoss compares Silbert unfavorably to Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, who at least tried to make amends for his actions.
– Winklevoss alleges that Silbert abused the mediation process and intentionally caused delays to avoid finding a resolution with creditors and Gemini Earn users.
– Winklevoss presents a “best and final offer” that he deems fair and reasonable for all parties involved.
If Silbert and DCG do not accept the proposal, Winklevoss outlines several legal consequences:
– Gemini and Winklevoss will sue Silbert and DCG, holding them liable for hiding Genesis’ insolvency.
– Winklevoss will file a turnover motion to demand immediate payment of the $630 million owed to Gemini Earn users and creditors.
– Winklevoss will collaborate with the Genesis Special Committee to implement a non-consensual plan for immediate distributions to creditors and Earn users.
– Winklevoss will request the Unsecured Creditor Committee to initiate a legal investigation into intercompany loans and transactions between DCG and Genesis entities.
Hot Take:
Cameron Winklevoss has taken a strong stance against Barry Silbert and DCG, demanding accountability and compensation for the losses suffered by Gemini Earn users and creditors. He accuses Silbert of deceit and obstruction, and if the ultimatum goes unanswered, legal action will be taken. This open letter reflects the growing urgency and frustration within the cryptocurrency industry regarding fraudulent behavior and the need for transparency and responsibility.
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