Gemini Founder tweets open letter to DCG/Genesis regarding the $900 million owed to customers

SHOW ME THE MONEY!

Hey Peeps!

Cameron Winklevoss, one of the co-founders of Gemini, has gone on the offensive regarding his company's dispute with Digital Currency Group (DCG) and their subsidiary company, Genesis.

For some backstory, Genesis, a crypto lending and trading platform, halted withdrawals on November 16th after the collapse of FTX. 

This affected Gemini, as their Earn program would send crypto to Genesis to earn interest back. 

The halting of withdrawals on Genesis prevents Gemini from paying back their own customers. 

The tweet and letter were both directed at Barry Silbert, the Founder/CEO of DCG. 

"For the past sic weeks, we have done everything we can to engage with you in good faith and collaborative manner in order to reach a consensual resolution for you to pay back the $900 million that you owe, while helping you preserve your business. We appreciate that there are startup costs to any restructuring, and at times things don't go as fast as we would all like. However, it is now becoming clear that you have been engaging in bad faith stall tactics."

- Cameron Winklevoss, co-founder of Gemini

Here is the tweet to the Open Letter:

Cameron Winklevoss @cameron

Earn Update: An Open Letter to @BarrySilbert

Barry Silbert eventually responded by saying that Gemini has not responded to their latest offer.

Then Cameron Winklevoss came back at him by calling him "disingenuous" about the whole process. 

Winklevoss tweeted at Silbert again, asking for a commitment to solve this before January 8th, to which Silbert has not responded. 

Barry Silbert @BarrySilbert

@cameron DCG did not borrow $1.675 billion from Genesis DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023 DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response

Cameron Winklevoss @cameron

@BarrySilbert There you go again. Stop trying to pretend that you and DCG are innocent bystanders and had nothing to do with creating this mess. It's completely disingenuous. So how does DCG owe Genesis $1.675 billion if it didn't borrow the money? Oh right, that promissory note...

Cameron Winklevoss @cameron

@BarrySilbert Will you, or will you not, commit to solving this by January 8th in a manner that treats the $1.1 billion promissory note as $1.1 billion?

I highly doubt that Twitter is the place that these people should be having this important legal discussion.

Regardless of the outcome of this little Twitter drama, I am not sure anything will come of it in the real world. 

Hopefully I am wrong and customers will be able to get their money soon.

Do you think this will help solve the situation or expedite the process for Gemini customers? 

Do you think Gemini holds just as much responsibility for lending that customer money to Genesis?

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