Cameron Winklevoss, the co-founder of Gemini Trust Co has issued a strong ultimatum to Digital Currency Group (DCG) and its founder, Barry Silbert.
Frustrated by the lack of progress in resolving the debt issue, Winklevoss has decided to take matters into his own hands. In what he describes as a “final offer,” in an open letter, Cameron has asked Silbert to repay the outstanding debt of $1.46 billion or risk facing legal consequences.
— Cameron Winklevoss (@cameron) July 4, 2023
This ultimatum is seen as a serious move by Winklevoss, indicating his determination to seek justice and recoup what he believes is rightfully owed to creditors. This demand includes a payment of $630 million that was originally due in May but remains unpaid. As part of the offer, Winklevoss has set a deadline of July 21 for a payment of $275 million to be made.
In a clear and assertive statement, Cameron has deemed his proposal for resolving the financial dispute with DCG as fair and reasonable. Winklevoss emphasized that this proposal represents the minimum acceptable terms that creditors, who are crucial for the success of the deal, would support.
As the clock ticks toward the given deadline, industry observers and crypto enthusiasts will be watching closely to see how DCG and Silbert respond. The potential lawsuit, if initiated, would have significant implications for all parties, including the reputation and financial stability of both Gemini and DCG.
Gemini Repeated Threats of Legal Action
The disagreement between Gemini and DCG continues to unfold, with missed payments, negotiations, and extended mediation periods adding to the complexity of the dispute.
The recent ultimatum issued by Cameron, demanding repayment from DCG and Silbert, is not the first instance of legal threats between the parties. The tensions arose earlier when Genesis Global, to which Gemini had lent customer funds, filed for bankruptcy.
Following the bankruptcy filing, Cameron expressed his intention to sue DCG’s CEO, Barry Silbert, over the repayment of a $900 million loan. Notably, the repeated threats of legal action highlight the intensifying nature of the dispute and the frustration experienced by Gemini in their attempts to recover the owed funds.