- Cameron Winklevoss, co-founder with his twin brother of the Gemini cryptocurrency exchange, published an open letter to Digital Currency Group CEO Barry Silbert on Monday evening, accusing the crypto mogul of abusing the arbitration process to avoid paying the $1.2 billion debt owed to the exchange and threatening multiple legal actions on July 7 if the demands of Gemini’s “best and final offer” are not met.
Winklevoss said Silbert “engaged in this fraudulent transaction and subsequent accounting fraud” in an attempt to buy time and raise money to cover the losses. “Unfortunately for you, someone by the name of Sam Bankman-Fried came along and committed an even bigger fraud that had the undesirable effect of exposing your fraud,” he wrote. “Whoops.”
Winklevoss said that eight weeks and multiple extensions later, there is still no deal because “the mediation has given DCG an indefinite forbearance on the $630 million it owes Genesis — for free.
Winklevoss wrote that if Silbert and DCG don't agree to the deal as written by 4 p.m ET on July 6, 2023, they will proceed with the following next steps: First, Gemini will “File a lawsuit against DCG and you personally” on July 7 which will “outline your personal liability in hiding Genesis's insolvency and provide a blueprint for the 232,000 Earn users to commence similar actions against you and DCG.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »