Gemini files lawsuit against DCG and Barry Silbert
2023-07-07 14:59
Odaily News: Cameron Winklevoss, co-founder of Gemini, tweeted that Gemini has filed a lawsuit against DCG and Barry Silbert in a New York court. Barry Silbert is not only the mastermind behind DCG and Genesis' fraudulent activities targeting creditors but also directly involved in these fraudulent actions.
Cameron Winklevoss stated that the lawsuit tells the whole story, which begins as follows: when Gemini notified Genesis of the termination of the Earn program in October 2022, Barry arranged a meeting to lure Gemini into continuing the Earn program. He did this knowing that Genesis was severely insolvent. Barry claimed that Genesis was only facing a matter of time, covering up the huge gap on Genesis' balance sheet. When 3AC filed for bankruptcy in June 2022, there was a $1.2 billion gap on Genesis' balance sheet, but Genesis did not confess and instead claimed everything was business as usual because DCG had stepped in to cover the losses.
Winklevoss stated that this was a carefully designed lie, as DCG did not bear any losses nor provide actual capital. DCG secretly issued a false 10-year promissory note to Genesis with an interest rate of only 1% and a value of only a small portion of its $1.1 billion face value. Genesis was severely insolvent. Barry, DCG, and Genesis conspired to fabricate false financial reports, concealing the truth from Gemini and creditors. This fraudulent behavior involves the highest level. Barry Silbert and other DCG executives directly participated in these lies, repeatedly deceiving Gemini and other creditors to hide the truth.
According to previous reports, Cameron Winklevoss, co-founder of Gemini, released the "final offer" on Twitter regarding the debt restructuring negotiations of bankrupt digital asset company Genesis. After months of negotiations and mediation, a deferred payment and new loan plan of $1.5 billion was reached.
The document titled "Best and Final Offer - July 3, 2023" outlines a plan that requires a payment and loan of $1.465 billion denominated in USD, Bitcoin, and Ethereum, with a deadline of 4 pm local time on July 6.
On Monday, Winklevoss published an open letter to DCG founder Barry Silbert on Twitter. In the letter, Winklevoss expressed regret that DCG has not yet presented a satisfactory plan to repay Genesis creditors (including clients of Gemini's Earn program). DCG has also failed to pay $630 million to Genesis.
Cameron Winklevoss stated that the lawsuit tells the whole story, which begins as follows: when Gemini notified Genesis of the termination of the Earn program in October 2022, Barry arranged a meeting to lure Gemini into continuing the Earn program. He did this knowing that Genesis was severely insolvent. Barry claimed that Genesis was only facing a matter of time, covering up the huge gap on Genesis' balance sheet. When 3AC filed for bankruptcy in June 2022, there was a $1.2 billion gap on Genesis' balance sheet, but Genesis did not confess and instead claimed everything was business as usual because DCG had stepped in to cover the losses.
Winklevoss stated that this was a carefully designed lie, as DCG did not bear any losses nor provide actual capital. DCG secretly issued a false 10-year promissory note to Genesis with an interest rate of only 1% and a value of only a small portion of its $1.1 billion face value. Genesis was severely insolvent. Barry, DCG, and Genesis conspired to fabricate false financial reports, concealing the truth from Gemini and creditors. This fraudulent behavior involves the highest level. Barry Silbert and other DCG executives directly participated in these lies, repeatedly deceiving Gemini and other creditors to hide the truth.
According to previous reports, Cameron Winklevoss, co-founder of Gemini, released the "final offer" on Twitter regarding the debt restructuring negotiations of bankrupt digital asset company Genesis. After months of negotiations and mediation, a deferred payment and new loan plan of $1.5 billion was reached.
The document titled "Best and Final Offer - July 3, 2023" outlines a plan that requires a payment and loan of $1.465 billion denominated in USD, Bitcoin, and Ethereum, with a deadline of 4 pm local time on July 6.
On Monday, Winklevoss published an open letter to DCG founder Barry Silbert on Twitter. In the letter, Winklevoss expressed regret that DCG has not yet presented a satisfactory plan to repay Genesis creditors (including clients of Gemini's Earn program). DCG has also failed to pay $630 million to Genesis.
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