Gemini co-founder Cameron Winklevoss Claims $1.2 Billion is Owed to Earn Users

Cameron Winklevoss, co-founder of the Gemini crypto exchange, has proposed a "final offer" in debt-restructuring talks over the bankrupt crypto lender Genesis.

Winklevoss has tweeted a plan for $1.5 billion in forbearance payments and fresh loans, in an open letter to Digital Currency Group (DCG) founder Barry Silbert. Winklevoss accused DCG of holding up the repayment plan for Genesis' debtors, which included users of Gemini's Earn programme. He claims that DCG prolonged the settlement and amassed over $100 million in costs at the expense of the creditors.

In January, Genesis listed more than $3 billion in claims to its top 50 creditors. Winklevoss claims $1.2 billion is owed to Earn users.

The letter states that the agreement must be made by July 6 at 4 p.m. Gemini will begin legal action against DCG and Silbert as early as July 7 if there is no immediate resolution. Winklevoss warned the lawsuit would expose Silbert’s personal liability in "hiding Genesis's insolvency."