In an "Open Letter to Barry Silbert" dated July 4, Winklevoss claimed that DCG Enterprises had engaged in "fraudulent practices" through a "culture of lies and deceit" at the expense of Gemini's 232,000 Earn users.
One of the allegations in Winklevoss' strongly worded letter is that Silbert deliberately delayed a resolution by "abusing" the mediation process. The letter states:
"Mediation allows DCG to indefinitely tolerate the $630 million it owes Genesis -- for free."
Most disturbing, according to Winklevoss, was Silbert's apparent claim to be a "victim" of the disaster.
[It takes a special kind of person who owes $3.3 billion to hundreds of thousands of people and then believes, or at least pretends to believe, that they are some kind of victim," Winklevoss said, adding:
"Even Sam? Bankman? Fried doesn't have this illusion."
DCG's Genesis is the lender behind the Gemini Earn program, which promises returns of up to 8% to savers. However, on November 16, 2022, Genesis announced a temporary suspension of withdrawals, citing "unprecedented market volatility"
Genesis later filed for bankruptcy on January 19, 2023, with Gemini seeking to recoup its share of the billions of dollars Genesis owes creditors since then.
However, after what Winklevoss described as numerous delays, he appears to have had enough.
"I'm writing to inform you that your game is over," Winklevoss said, explaining that career fees have now "inflated" to more than $100 million, at the expense of points and revenue users. "Enough is enough."
Winklevoss has given Silbert an ultimatum to accept his firm's "best and final offer" by July 6 at 4 p.m. ET or face litigation on July 7.
Winklevoss' final offer to DCG. Source: Twitter
The proposal calls for DCG to pay $275 million by July 21 and a further $355 million by July 21, 2025. The final payment of $835 million comes five years after the July 21, 2028, date of the Planned Support Agreement proposed by Winklevoss.
Tokens it may have acquired from the bankruptcy estate of Three Arrows Capital.
Coindegraph reached out to DCG for comment, but did not receive an immediate response.
