• Gemini exchange and crypto lender Genesis, along with Digital Currency Group (DCG), have been involved in a heated dispute over the past couple of weeks.
• Cameron Winklevoss, co-founder of the Gemini exchange, has given an ultimatum to DCG to return $900 million owed to customers of Gemini.
• Cameron has given DCG until January 8 to return the funds, accusing the company of engaging in “bad faith stall tactics”.
The past few weeks have seen a heated dispute between the Gemini crypto exchange and crypto lender Genesis, along with its parent company Digital Currency Group (DCG). This dispute has now been taken to the next level, with Gemini co-founder Cameron Winklevoss issuing an ultimatum to DCG to return funds that are owed to customers of Gemini.
In a letter to DCG CEO Barry Silbert, Cameron demanded that the company return the $900 million owed to customers of Gemini. Cameron has given DCG until January 8 to return the funds, accusing the company of engaging in “bad faith stall tactics”. This comes after Genesis Trading paused withdrawals, stranding over 340,000 Gemini Ear users for more than a month.
According to the letter, the Gemini co-founder claims that he and the exchange have done everything they can to reach a consensual resolution with DCG, but that the company has been dragging its feet. Cameron also noted that he understands there are startup costs associated with any restructuring, but that it has become clear that DCG has been unwilling to negotiate in good faith.
The letter has caused a stir in the crypto industry, with many now speculating as to what the next move for DCG will be. Some believe that DCG will have no choice but to comply with Cameron’s demands, while others believe the company will try to negotiate a more favorable deal.
It remains to be seen how this situation will play out, but one thing is certain: the situation is escalating and the stakes are high. With millions of dollars on the line, the pressure is on DCG to act quickly and decisively. In the meantime, Gemini customers and creditors will be watching closely to see how this situation develops.