Cameron Winklevoss, who founded crypto exchange Gemini Trust Co with his twin brother, on Monday accused Digital Currency Group (DCG) CEO Barry Silbert of 'bad faith stall tactics' and asked him to commit to resolving $900 million worth of disputed customer assets by Jan. 8.
Cameron Winklevoss speaks at a New York State Department of Financial Services virtual currency hearing in the Manhattan borough of New York January 28, 2014. REUTERS/Lucas JacksonJan 2 - Cameron Winklevoss, who founded crypto exchange Gemini Trust Co with his twin brother, on Monday accused Digital Currency Group CEO Barry Silbert of "bad faith stall tactics" and asked him to commit to resolving $900 million worth of disputed customer assets by Jan. 8.
Gemini has a crypto lending product called Earn in partnership with DCG's crypto firm Genesis. GenesisWinklevoss said Genesis owed more than $900 million to some 340,000 Earn investors, and that he had been trying to reach a "consensual resolution" with Silbert for the past six weeks. "However, it is now becoming clear that you have been engaging in bad faith stall tactics," Winklevoss wrote in an"We are asking you to publicly commit to working together to solve this problem by January 8th, 2023," he added. The letter did not say what would happen if an agreement was not reached by Jan. 8.
Winklevoss wrote that DCG owed Genesis $1.675 billion, which was money that Genesis in turn owed to Earn users and other creditors, adding "this mess is entirely of your own making.""DCG has never missed an interest payment to Genesis and is current on all loans outstanding," Silbert said, adding that DCG delivered a proposal to Genesis and Winklevoss' advisers on Dec. 29 and did not receive a response.
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