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.
cameron DCGco BarrySilbert LizKNapolitano Sucked in
cameron DCGco BarrySilbert LizKNapolitano Never a dull moment
cameron DCGco BarrySilbert LizKNapolitano Your public trust and integrity price tag of $900M customers will remember.
cameron DCGco BarrySilbert LizKNapolitano Genesis Bankruptcy was expected & it's a positive now because more uncertainty is progressively being put behind them. Gemini will be the last to get money to customers because they won't negotiate intelligently like other creditors. The twins are acting like spoiled little girls
cameron DCGco BarrySilbert LizKNapolitano Another bitcoin related scam revealed. One final nail in the coffin will be a bitcoin core hack and then everyone can get to stacking gold and silver.
cameron DCGco BarrySilbert LizKNapolitano Don’t associate Bitcoin with this nonsense
cameron DCGco BarrySilbert LizKNapolitano ALERT: Bought our ALTCOINS at Cryptocom EXCHANGE CRO $CRO... Some ETHEREUM LAYER2: LOOPRING $LRC BOBA $BOBA ....ALGORAND $ALGO Hedera $HBAR XLM XRP CARDANO $ADA VECHAIN $VET BasicAttentionToken $BAT AWAITING BITCOIN RALLY
cameron DCGco BarrySilbert LizKNapolitano good luck with that lol
cameron DCGco BarrySilbert LizKNapolitano The Wall Street Journal is reporting that Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, has threatened to sue Barry Silbert — CEO of holding company Digital Currency Group (DCG)
cameron DCGco BarrySilbert LizKNapolitano The shows starting to unfold
cameron DCGco BarrySilbert LizKNapolitano
cameron DCGco BarrySilbert LizKNapolitano Okay have another one...
cameron DCGco BarrySilbert LizKNapolitano Now the only thing for affected customers is wait 10+ years until they're made whole. The best case scenario is if we see another major bull run which will lead to huge revenue. But that could pay maybe 1/10 out at once.
cameron DCGco BarrySilbert LizKNapolitano Don’t talk about it , just do it already 🙈
cameron DCGco BarrySilbert LizKNapolitano What's going on!? DeFi is about taking control, not taking out massive debt. This news cast doubt about crypto's promise of decentralization and transparency. Let's Hodl and hope the situation works out! cryptofamily DeFi
cameron DCGco BarrySilbert LizKNapolitano Will take years
cameron DCGco BarrySilbert LizKNapolitano What a drama to bring down the market, but now the public wont fall for these tricks..ffs manipulators
cameron DCGco BarrySilbert LizKNapolitano Translate in hindi
cameron DCGco BarrySilbert LizKNapolitano Yeah, if Barry wanted to do that, he would have done so before Genesis filed BK. Genesis is DCG's subsidiary, after all. Do you think these things out cameron?
cameron DCGco BarrySilbert LizKNapolitano i don't think you're getting that money back cameron