Key Points

  • Cameron Winklevoss has addressed a second open letter to DCG’S Barry Silbert regarding the functioning of DCG and loan repayment
  • Gemini to take legal action on July 6, 2023, in case DCG’s Barry Silbert doesn’t accept their deal

Cameron Winklevoss has penned a new open letter and addressed it to DCG’s Barry Silbert on Twitter, claiming that Silbert has been evading fulfilling his dues to DCG’s earned customers for the past 8 months. Winklevoss has warned Silbert of a potential lawsuit in two days if he doesn’t fulfill the demands from Gemini bosses.

Gemini bosses call out DCG’s Barry Silbert for owing its 232K Earn customers $1.2B

In an open letter, Cameron Winklevoss has slammed Digital Currency Group’s Barry Silbert regarding delays settling with Gemini and paying back the $1.2 billion that DCG owes the exchange’s 232,000 Earn customers. 

Cameron Winklevoss shot at Barry Silbert, claiming he has been heading the DCG enterprise in a fraudulent behavior intertwined with a culture of lies and deceit. He said that this trend has gone on long enough at the expense of Gemini customers, and after 8 months of interactions with Silbert’s lawyers and legal advisors, there has been no fruition.

Winklevoss hit out at SIlbert, saying:

 “you have never had any intention of finding global, consensual resolution with creditors and Earn users and have never had any intention of doing the right thing and taking responsibility for the mess that you, your companies, and your employees created with your reckless and fraudulent behavior.”

He added that SIlbert knowingly slowed down the resolution process via “abuse” of the mediation process. Cameron Winklevoss also expressed his disappointment with Barry SIlbert’s climb of being a “victim” in the fallout.

“It takes a special kind of person to owe $3.3 billion to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim…. even Sam Bankman Fried is incapable of such delusion,” said Winklevoss. 

Cameron Winklevoss summed up by giving SIlbert his final and best offer, after which Gemini will press charges if Silbert does not reciprocate.

Winklevoss wants DCG to make a loan repayment of $275 million by July 1, a subsequent payment of $355 million before July 21, 2025, and a final payment of $835 million by July 21, 2028, topping off the whole payment to $1.47 billion. 

He gave Silbert up to 4 pm ET on July 6, 2023, to accept the terms of the deal, or Gemini would move forward with the following steps:

  • A lawsuit against DCG and Barry Silbert
  • File a turnover motion 
  • Advance a non-consensual plan
  • UCC litigation

Keep watching Fintech Express for updates on this and other Fintech-related developments.