Per CoinDesk
Gemini CEO Plans to Take Legal Action Against DCG and DCG CEO If Creditors Do Not Receive a Fair Offer
1/20/2023
Gemini CEO and co-founder Cameron Winklevoss released a thread on Twitter sharing an Earn Update and how Genesis Global Capital has filed for Chapter 11 bankruptcy. The co-founder also shared how they would file a lawsuit against Digital Coin Group and its CEO Barry Silbert if creditors do not receive a fair offer.
The co-founder shared how Gemini had over 340,000 Earn users in a thread released just a few minutes after Genesis officially declared Chapter 11 bankruptcy. The DCG had a $900 million loan in the company.
Genesis previously froze operations in November as it was a major client of FTX, per Quartz, and suffered the domino effect from the collapsed crypto firm. Cameron was public about his thoughts regarding Silbert, even demanding that Silbert should vacate his position as the chief of DCG in a letter released on Twitter.
Cameron Winklevoss: “The idea in your head that you can quietly hide in your ivory tower and that this will all just magically go away, or that this is someone else’s problem, is pure fantasy. To be clear, this mess is entirely of your own making,”
This comes as Cameron has been trying to recover Genesis's loans from Gemini. To be clear, Genesis is owned by DGC, which is why the Gemini CEO is trying to go after DGC and Silbert.
The Gemini co-founder also shared how Silbert did not cooperate with the crypto firm regarding a loan repayment draft. Cameron was very vocal about this and shared their refusal to give an offer.
Cameron Winklevoss: “While we have been working around the clock to negotiate an acceptable solution, @BarrySilbert and @DCGco — the parent company of Genesis – continue to refuse to offer creditors a fair deal,”
On top of the year being tough on the crypto market with the prices of Bitcoin and other top cryptos dropping and the collapse of multiple crypto firms, JPMorgan CEO Jamie Dimon compared Bitcoin to a pet rock, saying it was a fraud.
Dimon: "I think all that’s been a waste of time and why you guys waste any breath on it it’s totally beyond me... “Bitcoin itself is a – is a hyped up fraud. It’s a pet rock.”
See flow at unusualwhales.com/flow.
Other News:
- Genesis files for bankruptcy
- Bitcoin is a hyped-up fraud, it’s a pet rock: JP Morgan, JPM, CEO Jamie Dimon
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