Winklevoss Considers Lawsuit Against Barry Silbert, Digital Currency Group

Gemini, the cryptocurrency exchange run by the Winklevoss twins, plans to sue Digital Currency Group (DCG) and its CEO, Barry Silbert, unless they offer a plan to repay the $900 million loan Gemini made to Genesis Trading. , now bankrupt.

“Unless Barry and DCG come to their senses and make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently,” Gemini co-founder and chairman Cameron Winklevoss tweeted shortly after the news broke. Genesis bankruptcy.

describing Genesis filing for bankruptcy as “a crucial step” toward loan recovery, as the company “will be subject to court oversight and will be required to provide evidence about the machinations that led us to this point,” also Winklevoss. stressed that “the decision to bankrupt Genesis does not insulate Barry, DCG and any other wrongdoers from liability.”

Genesis, a subsidiary of DCG, was the first company in the industry to launch an over-the-counter product Bitcoin trading desk in 2013, but filed for bankruptcy on Thursday night after suffering losses from the collapses of FTX and hedge fund Three Arrows Capital (3AC).

Last summer, Genesis was named 3AC’s biggest creditor, passing the Singapore-based firm $2.36 billion in an unsecured loan.

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