« Not even Sam Bankman-Fried was capable of such delirium. ». This is perhaps the best punchline of this open letter from Cameron Winklevoss to Barry Silbertmade public on July 4. The Gemini executive issues an ultimatum to the head of the Digital Currency Group (DCG) as part of thea dispute that has been raging between them since the collapse of Genesiswhich belongs to DCG. After several attempts at friendly mediation, followed by the threat of legal action, the die was cast, and Winklevoss launched a ultimatum to his former partner. Silbert will have to accept a phased plan of repayment of the debt, on pain of legal action for his company, but also for him personally. There’s bad blood between the two, and we bring you the details.
Barry Silbert: the false victim who takes advantage of the situation?
From the very first words of letter, Cameron Winklevoss wants to be offensive and addresses Barry Silbert directly, reminding him that it’s been exactly 229 days withdrawals are blocked on Genesis. This prevents Gemini customers from getting their money back. More precisely, these are the 232,000 users of the Earn program from Gemini who own 1.2 billion dollars of assets blocked with the then partner, Genesis. As a reminder, the latter company belongs to the Digital Currency Group, which is itself owned and controlled by Barry Silbert.
Before launching hostilities, Winklevoss reminds us that he has given way to the mediation in a previous open letter, ago 174 days agowhich went unheeded. Following this brief reminder of the facts, Cameron brought out the sulphate gun and rattled off a series of reproaches, including the following:
« Fraudulent behavior against a backdrop of a culture of lies and deceit (…) You intentionally delayed resolution by abusing the mediation process (…) It takes a special kind of person to owe $3.3 billion to hundreds of thousands of people and think, or at least pretend to think, that you’re some kind of victim. »
Before delivering the final sledgehammer blow:
« Not even Sam Bankman-Fried was capable of such delirium. »
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Cameron Winklevoss demands $1.5 billion to be paid in 3 installments
The Winklevoss brothers seem to be fairly upset in this affair and have decided not to let anything pass. Plus agreed debtsthey decided to add to the final bill all of the legal fees they have spent since the beginning of the proceedings, namely 100 million dollars. Because here, « too much, it’s too much »the text continues. The head of Gemini very officially informs us that all bets are off and that Barry Silbert must accept this new contract. « last and best offer by July 6, or face legal proceedings on the morning of July 7 ».
In this case, it is a repayment plan in several installments, of which the following is a quick overview:
- First, a payment of 275 million by the July 21st of this year;
- Followed by another 355 million before the July 21, 2025 ;
- And a final payment of 835 million by July 21, 2028.
The total amount of this last and best offer is therefore 1.47 billion dollarsdetails of which can be found in the document above. The Winklevoss brothers will accept bitcoins, ethers and dollars for the settlement, which should begin in 48 hours, if Barry Silbert agrees to the deal. The letter ends with a sententious: « it’s time for you to do the right thing ».. We’ll know in a few hours what will become of this offer. But one thing is certain: Gemini is one of the survivors of this crypto winter, and looking forward to the bull run ahead.
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