Deadline set by crypto’s Winklevoss looms for Genesis repayment deal

📆 7/6/2023 8:15 AM
📰 Reuters

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Time is running out for Digital Currency Group to agree on a deal to restructure its bankrupt crypto lending unit Genesis after its largest creditor Gemini set Thursday afternoon as the final deadline before the company pursues litigation

, it has yet to reach an agreement on a restructuring plan with creditors, to whom it owes more than $3 billion, according to court filings.

In a letter to DCG CEO Barry Silbert that Cameron Winklevoss tweeted on Monday, Winklevoss shared what he called his “best and final offer,” and said the deadline for DCG to agree to the proposal was 4 p.m. EDT on July 6.DCG declined to comment. Lawyers for Genesis did not immediately respond to a request for comment. DCG had called a previous open letter from Winklevoss earlier this year a "publicity stunt" to "to deflect blame from himself and Gemini.

Connecticut-based DCG has a formidable portfolio of companies — over 200 in more than 35 countries, Silbertearlier this year. It owns crypto asset manager Grayscale as well as crypto news and events site CoinDesk.

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Gemini co-founder Cameron Winklevoss Demands $1.5B From Digital Currency Group | CoinMarketCapCameron Winklevoss, co-founder of the Gemini crypto exchange, has proposed a 'final offer' in debt-restructuring talks over the bankrupt crypto lender Genesis.
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