Cameron Winklevoss, co-founder of Gemini crypto exchange, took to Twitter to share what he referred to as a “final offer” in the ongoing debt-restructuring discussions concerning bankrupt digital-asset firm Genesis. After months of negotiations and mediation, Winklevoss presented a plan that entails $1.5 billion in forbearance payments and fresh loans.
Winklevoss addressed an “Open Letter to Barry Silbert,” the founder of Digital Currency Group (DCG) which owns Genesis and Grayscale, a prominent crypto asset manager. In the letter, Winklevoss expressed disappointment in the delays from DCG in providing a satisfactory repayment plan for Genesis creditors, including customers of Gemini’s Earn program. He also highlighted DCG’s failure to make a $630 million payment to Genesis.
Alongside his letter, Winklevoss shared a document titled “Best and Final Offer – July 3, 2023,” outlining a plan that involves $1.465 billion in payments and loans denominated in dollars, bitcoin, and ether. The deadline to accept the deal is set for 4 p.m. on July 6, as mentioned in the letter.
Winklevoss conveyed his message sternly, stating, “I write to inform you that your games are over. In addition to dragging out a resolution, they have ballooned professional fees to over $100 million, all of which have gone to lawyers and advisors at the expense of creditors and Earn users.”
Genesis had previously listed over $3 billion in claims to its top 50 creditors in a January court filing. According to Winklevoss, Earn users are owed around $1.2 billion.
At the time of writing, there had been no immediate response from DCG regarding comments on the matter.
Winklevoss warned that failing to agree to “this deal” by the specified deadline could result in lawsuits against DCG and Silbert personally. Additionally, it could potentially push for DCG to default and pursue a non-consensual debt-repayment plan.