Jan 2 (Reuters) – Cameron Winklevoss, who co-created the cryptocurrency exchange Gemini Trust Co. with his twin brother, on Monday charged Digital Currency Group (DCG) CEO Barry Silbert of utilizing “dishonest delaying tactics” and requested him to agree to a settlement of USD 900 million. January 8.
Gemini has a crypto lending product called Earn in connection with DCG’s crypto firm Genesis. Following the collapse of the major crypto exchange FTX, Genesis had been unable to withdraw funds from customers.
Winklevoss said that Genesis owes more than $900 million to Earn investors and has been trying to reach a “mutually acceptable resolution” with Silbert for the past six weeks.
“Nevertheless, it is now becoming evident that he has been utilizing unfair delaying tactics,” Winklevoss wrote in an open letter to Silbert, which was then posted on Twitter.
“We ask that you publicly pledge to work together to resolve this matter by January 8, 2023,” he concluded. The letter did not contain any information about what would occur if there was no agreement. January 8.
Winklevoss said that DCG had borrowed $1.675 billion from Genesis, which was money that Genesis then owed Earn users and other lenders, adding that “this chaos is entirely of their own making.”
Silbert tweeted that DCG had not borrowed $1.675 billion from Genesis.
“DCG has never stopped paying interest to Genesis and is current on all outstanding loans,” Silbert said, adding that DCG presented a proposal to Genesis and Winklevoss to consult with advisers on December 29 and got no reply.
