The cryptocurrency group has received a letter from Gemini co-founder Cameron Winklevoss. The deal consists of three installments totaling $1.4 billion.
Gemini co-founder Cameron Winklevoss has floated a $1.4 billion deal to resolve an simmering dispute with Digital Currency Group CEO Barry Silbert. Winklevoss tweeted on July 4 about the show, calling it “the best and last show”.
Cameron Winklevoss’ $1.4 billion deal comes with a message
Winklevoss posted a file open letter To Silbert along with the deal. He stated that Silbert was playing the games and that they are now finished after the professional fee has ballooned to over $100 million.
Winklevoss goes on to say that this extension has come at the expense of creditors and the gain of users.
The Gemini co-founder was blunt in his words regarding the nature of the incident, saying:
“It takes a special kind of person to owe $3.3 billion to hundreds of thousands of people and believe… that they are some kind of victim. Not even Sam Bankman-Fried was capable of such an illusion.”
The statements come with an ultimatum — Silbert must approve the deal by 4 p.m. ET on July 6 or potentially face a lawsuit. It will be interesting to see how the incident develops, as it sees the competition between some of the big companies in the industry come to a boil.
Friday DCG Deadline
the an agreement DCG includes absorption of any payments to FTX and Alameda’s bankruptcy estates exceeding $300 million in total. Furthermore, a bankrupt Genesis expects DCG to contribute $100 million.
DCG will retain all proceeds from the sale of Genesis Global Trading.
There will be three types of payments: the forbearance payment and two debt tranches. The first will be due on or before the planned support agreement date of July 21, for a value of $275 million.
The first debt tranche is $355 million and is due 2 years of PSA, while the second is due 5 years of PSA and is $835 million.
Also CEO of Lumida Wealth chirp On this issue he is in conversation with both Winklevoss and Silbert. He said he did not expect DCG to meet the deadline.
DCG has been having a tough few months. In May, Gemini handed Cameron Winklevoss a $630 million loan, which the company failed to repay. The collapse of the Silicon Valley bank hit him hard. The company is now looking for new partners after the bank collapsed.
DCG is reportedly being investigated by US authorities about its operations. They claim the investigation is focused on domestic transfers. Various difficulties have led to procedures such as DCG Close Affiliated brokerage firm TradeBlock.
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