Cameron Winklevoss, the Co-Founder of Gemini, has tabled a final offer to DCG and Barry Silbert. It requires them to repay $1.46 billion in response to their inability to release the funds that have been stuck for a long time. The offer has to be accepted by July 6, 2023. If not, Cameron has stated they will proceed with the legal action against DCG and Barry.
Per the reports, Genesis has approximately $1.2 billion stuck in its system. The fund belongs to Gemini Earn users. Gemini had earlier lent the funds to Genesis under the Earn Program. However, Genesis Global ended up filing for Chapter 11 bankruptcy in January. Further, it halted the withdrawal process to not let users take their funds. DCG is currently in negotiations with creditors. It recently failed to pay $630 million in payments to Genesis. That was in May this year, and figures for the previous month are yet to be determined.
If accepted, the final offer seeks a maximum of $275 million in repayment by July 21, 2023. The total amount demanded includes $630 million, which was due in May 2023.
Winklevoss wrote this in an open letter published on Twitter and clearly said that the games were over for them. It makes sense, considering a total of $1.2 billion is stuck in limbo. Calling this deal fair and reasonable, Winklevoss has said that it should be accepted by creditors, who must support the deal for it to go forward.
Specifically speaking, Silbert has until July 6, 2023, at 4 p.m. ET. A situation where the deal is not accepted will welcome a lawsuit on the very next day, July 7, 2023.
DCG and Genesis were unavailable for official comments. As for the last update, the negotiation process has been extended until July 5, 2023. This is to determine the exact contribution that DCG has to make.
Gemini, too, posted an update, informing everyone that they are determined to make DCG pay what it owes to Genesis. Expressing disappointment in the update, Gemini wrote that they were unhappy with the time it took them to negotiate a contribution.
Gemini is a platform enabling users to turn their money into cryptocurrency. Basically, users can register at Gemini and buy, sell, or trade cryptocurrencies of their choice. Traders can also diversify their portfolios as they move on with their journey. Products offered by Gemini are Exchange, Wallet, and Clearing.
One can trade digital tokens via Gemini’s mobile application or desktop platform. Its functioning is based on four pillars: security, product, compliance, and licensing. The mission is to unlock the next era of creative, financial, and personal freedom. Interestingly, Gemini is the first SOC 2 Type 2 and SOC 1 Type 2 certified crypto custodian and exchange platform.