Minutes after Genesis filed for bankruptcy, cameron threatened to sue DCGco CEO BarrySilbert if he does not pay back the $900 million loan Genesis owes Gemini. LizKNapolitano reports.
Gemini CEO Cameron Winklevoss threatened to sue Digital Currency Group CEO Barry Silbert over the repayment of a $900 million loan in a tweet published just minutes after Genesis filed for Chapter 11 late Thursday night. The tweet comes after Winklevoss waged a Twitter war against DCG to recover the loan amid his exchange’s own struggles.
“We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices,” wrote Winklevoss. However, in its voluntary petition for chapter 11 bankruptcy, Genesis Global Capital disputed some of Gemini's claim. Genesis pointed out that $900 million loan is the net proceed from the foreclosure of certain assets and disputes whether the foreclosure satisfied applicable law.
Gemini and Genesis forged a working relationship in 2021 for Gemini Earn, a high-yield-bearing offering serving hundreds of thousands of U.S. investors. For the “Earn” product, Gemini lent customers’ funds to Genesis, which, in turn, loaned that money out to other crypto firms.
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