Cameron Winklevoss, co-founder of crypto exchange Gemini, tweeted what he described as a “final offer” in debt restructuring talks over bankrupt digital asset firm Genesis, bringing months of negotiations and mediation to a head with a plan for $1.5 billion in back payments and new loans .
On Monday, Winklevoss posted on Twitter a “Open letter to Barry Silbert,” the founder of Digital Currency Group (DCG), which owns Genesis as well as giant crypto asset manager Grayscale. (CoinDesk is also a stake.)
In the letter, Winklevoss lamented delays on DCG̵[ads1]7;s part in coming up with a satisfactory plan to repay Genesis creditors, including customers in Gemini’s Earn program. DCG has also missed a $630 million payment to Genesis.
Winklevoss tweeted a document titled “Best and final offer – July 3, 2023,” outlining a plan that calls for $1.465 billion in payments and loans denominated in dollars, bitcoin and ether. The deadline to accept the deal is 4 p.m. on July 6, according to the letter.
“I am writing to inform you that your struggles are over,” Winklevoss wrote in the letter. “In addition to extracting a resolution, they have reduced professional fees to over $100 million, all of which have gone to attorneys and counsel at the expense of creditors and Earn users.”
Attempts to reach DCG for comment were not immediately successful.
In the letter, Winklevoss wrote that the consequences of not agreeing to “this deal” by the deadline could include lawsuits against DCG and Silbert personally, as well as pushing to put DCG into default and work on an “unapproved” debt. repayment plan.
Elizabeth Napolitano contributed reporting for this article.