Fun

News Feed - 2023-07-04 02:07:25

Brayden Lindrea3 hours agoWinklevoss slams DCG’s Silbert — Not even SBF was ‘capable of such delusion’In an open letter, Cameron Winklevoss slammed DCG’s Barry Silbert for allegedly playing the victim card while owing $1.2 billion to Gemini’s 232,000 Earn customers.1907 Total views7 Total sharesListen to article 0:00NewsJoin us on social networksFounder and CEO of crypto exchange Gemini, Cameron Winklevoss, is again threatening to sue Digital Currency Group (DCG) and its CEO Barry Silbert over delays in resolving the issue of funds owed to Gemini by bankrupt lender Genesis, slamming the CEO for allegedly trying to play the victim card.


In the July 4 “Open Letter to Barry Silbert,” Winklevoss alleged the DCG enterprise had engaged in “fraudulent behavior” via a “culture of lies and deceit” — coming at the expense of Gemini’s 232,000 Earn users.Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/ErsYpcEjQD— Cameron Winklevoss (@cameron) July 4, 2023


Among the accusations in Winklevoss’ strongly-worded letter is that Silbert intentionally delayed resolution through “abuse” of the mediation process. The letter states:“Mediation has given DCG an indefinite forbearance on the $630 million it owes Genesis — for free.“


Most disturbing, according to Winklevoss, has been Silbert’s apparent claim of being the “victim” in the debacle.


“It takes a special kind of person to owe $3.3 billion dollars to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim,” said Winklevoss, adding: “Not even Sam Bankman-Fried was capable of such delusion.”


DCG’s Genesis was the lender behind Gemini’s Earn program, which promised returns as high as 8% to depositors. However, on Nov. 16, 2022, Genesis announced it temporarily suspended withdrawals, citing “unprecedented market turmoil.” 


Genesis later filed for bankruptcy on Jan. 19, 2023, with Gemini seeking to recover its share of the billions owed by Genesis to creditors since.


However, after what Winklevoss has described as multiple delays, he appears to have had enough.


“I write to inform you that your games are over,” Winklevoss said, explaining that professional fees have now “ballooned” to over $100 million at the expense of credits and Earn users. “Enough is enough.”


Winklevoss has given Silbert an ultimatum, accept his firm’s “best and final offer” by 4 pm Eastern Time on July 6 — or face a lawsuit on July 7.The final offer to DCG from Winklevoss. Source: Twitter


The offer pitched calls on DCG to make a $275 million payment by July 21, an additional $355 million before July 21, 2025, and a final payment of $835 million by July 21, 2028 — five years from the “Plan Support Agreement” date proposed by Winklevoss.


The total payment will come to $1.47 billion.


Related:Gemini, Genesis file to dismiss SEC lawsuit against Earn product


Winklevoss wants the payments to be made in the form of Bitcoin (BTC), Ether (ETH) and the United States dollar, with the funds sourced from Genesis Global Trading, potential payouts from FTX and Alameda Research’s bankruptcy estates, in addition to Avalanche (AVAX) and Near (NEAR) tokens that it may have a claim to from the Three Arrows Capital’s bankruptcy estate.


Cointelegraph reached out to DCG for comment but did not receive an immediate response.


Magazine:Unstablecoins: Depegging, bank runs and other risks loom# Altcoin# Business# Barry Silbert# Rewards# Gemini# Bankruptcy# Lending# Digital Currency Group# Cameron Winklevoss# DeFi# Sam Bankman-Fried# Staking# FTX# RegulationAdd reactionAdd reactionRelated NewsWhat is NFT rarity, and how to calculate it?Chibi Finance $1M alleged rug pull: How it happened‘A lot of the bad actors have been shaken out of the market" — Bitvo CEOMetropolitan Museum of Art to return $550K in donations from FTXFear of blockchain will have ‘disastrous consequences’ — Ava Labs CEO testimonyFTX suspends $500M sale of stake in AI firm Anthropic: Report

News Feed

Dogecoin’s Fate Hinges On This Price Level, Analysts Agree
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin ‘pretty unlikely’ to revisit $50K price level, says analyst
Ciaran Lyons7 hours agoBitcoin ‘pretty unlikely’ to revisit $50K price level, says analystBitcoin hasn’t dipped below $50,000 since late February, and it appears unlikely to return to that level soon, according to
Report: $1.3 Billion in Crypto Stolen in Q1 2022, 97% Stemmed From Defi Exploits
Report: $1.3 Billion in Crypto Stolen in Q1 2022, 97% Stemmed From Defi Exploits According to a research report, $1.3 billion in digital currencies have been stolen during the firs
Ana Paula Pereira7 hours agoMicrosoft to form nuclear power team to support AI: ReportMicrosoft is forming a new team of professionals to advance its artificial intelligence plans with Small Modular Reactors and microrea
Biggest Movers: SOL, NEAR Fall Over 10% During Tuesday’s Session
Biggest Movers: SOL, NEAR Fall Over 10% During Tuesday"s Session Crypto markets were down across the board on Tuesday, as bears re-entered the market, following strong gains on Mon
As Lightning’s Economy Takes Shape, Devs Are Split on Proposed Fee Hike
Fees aren’t just a topic of discussion for bitcoin users anymore. As the tech matures and an economy develops, fee discussions are making their way into the lightning network too.
Pump.fun daily revenue outpaces the next 24 protocols combined
Tom Mitchelhill3 hours agoPump.fun daily revenue outpaces the next 24 protocols combinedSolana memecoin deployer pump.fun has generated more than $5.3 million in revenue in the last 24 hours, out-earning Ethereum, Solana
MetaMask boosts security with alerts for 30M users on major chains
Prashant Jha12 hours agoMetaMask boosts security with alerts for 30M users on major chainsThe noncustodial wallet started working on the security alert feature in April 2023 and integrated it with Ethereum mainnet in Jan
Bank of America Expects the Fed to Keep Hiking Rates Until ‘Point of Pain’ for Consumer Demand
Bank of America Expects the Fed to Keep Hiking Rates Until "Point of Pain" for Consumer Demand Bank of America has warned that the Federal Reserve will have to keep raising interes
Crypto Fear and Greed Index Shows Market Sentiment Remains Fearful
Crypto Fear and Greed Index Shows Market Sentiment Remains Fearful After the Crypto Fear and Greed Index (CFGI) dropped to significant lows and pointed to “extreme fear
Robinhood Begins Rolling Out Crypto Wallets to Select Customers
Robinhood Begins Rolling Out Crypto Wallets to Select Customers Trading platform Robinhood has begun rolling out crypto wallets to 1,000 customers. Users can send and receive their
William Suberg1 hour agoWeekly close risks BTC price ‘double top’ — 5 things to know in Bitcoin this weekBitcoin battles $26,000, with BTC price action at a crucial decision point heading into the first week of Sep