Cameron Winklevoss, co-founder of Gemini, has issued a strong ultimatum to Barry Silbert, founder of Digital Currency Group (DCG). Winklevoss demanded a total debt repayment of $1.46 billion, threatening a lawsuit if the demand is not met by a specific deadline.
In an open letter published on Twitter, Winklevoss expressed frustration over Gemini Earn users being unable to access over $1.2 billion in assets stuck in Genesis Global, which is owned by DCG. The demand includes a $630 million payment due in May, with a deadline of July 21 for a payment of $275 million. Failure to comply by July 6 will result in a lawsuit filed by Gemini against DCG and Silbert on July 7.
Gemini had previously threatened legal action against DCG and Silbert after Genesis Global filed for Chapter 11 bankruptcy. DCG, caught in last year’s credit crisis in the crypto industry, has been in negotiations with Genesis creditors but missed a $630 million payment to Genesis in May. Neither DCG nor Genesis immediately responded to requests for comment.
Gemini extended the mediation period to July 5 for determining DCG’s contribution, expressing disappointment at the delay in negotiating with DCG. Gemini remains committed to seeking compensation for Genesis’s failure to return Earn assets and pushing for the repayment of owed funds.