Wu Blockchain reported on December 2 that Cameron Winklevoss, founder of Gemini, wrote an open letter to Barry Silbert, founder of Digital Currency Group (DCG).

The letter expressed concern about 340,000 EARN users being unable to withdraw their funds, totaling $900 million, in 47 days. Winklevoss asked Silbert to publicly commit to solving this problem.

Winklevoss pointed out in his letter that the 340,000 EARN users affected by the takedown were not just anonymous entities, but real people with real stories. He gives the example of a single mother lending money to her son for his education and a father lending money to his son to open a mitzvah bar. Winklevoss points out that these individuals have entrusted more than $900 million in total assets to DCG and therefore deserve specific answers to their questions and concerns.

According to the Gemini founder, for the past six weeks, he and his team have been trying to work with Silbert and DCG to find a mutually-agreed solution to refund the money while helping Silbert stay afloat. its business.

Winklevoss accused Silbert of engaging in bad faith delaying tactics. On December 2, the Gemini founder suggested that the most effective way to reach a solution is to get everyone into the same room as soon as possible.
Silbert accepted, but only on the condition that there was a proposal on the table first. Winklevoss said a proposal was sent to Silbert on December 17 and an updated version on December 25. However, Silbert continued to refuse to meet with them in person to find a solution.

Gemini founder gives deadline
The Gemini founder has clarified that the current issue is entirely the responsibility of Silbert and DCG. According to him, DCG owes Genesis a total of $1.675 billion. This debt includes the amount that Genesis owes EARN users and other creditors. Winklevoss alleges Silbert used money entrusted to him by teachers and others for his own gain through greedy stock buybacks, risky investments and speculative trading that increased the cost of creation. AUM for his trust.

Winklevoss asked Silbert to publicly commit to finding a solution to the current problem by January 8. He also indicated that they were ready to work with Silbert, but time was running out.
Gemini founder vs DCG . founder
Barry Silbert responded to these accusations on Twitter, stating that DCG has not borrowed $1.675 billion from Genesis, has never missed an interest payment from Genesis, and is current on all loans.

He also stated that DCG submitted the proposal to Genesis and their advisors on December 29 and received no response. In response to Silbert's statement, Winklevoss accused him of trying to portray himself and DCG as innocent parties with no responsibility in the current situation.

Winklevoss points out that if DCG doesn't borrow money, how does it owe Genesis $1.675 billion? He thinks the answer lies in the existence of promissory notes.

In addition, Winklevoss asked Silbert to publicly commit to finding a solution to the current problem by January 8, 2023, and treat the $1.1 billion promissory note as a $1.1 billion payment obligation. . But Silbert still didn't answer. Related reading | XRP, SOL and others "always" are securities - Chia's COO