Cameron Winklevoss Proposes 'Final Offer' in Genesis Crypto Bankruptcy Case
Cameron Winklevoss, the billionaire co-founder of the Gemini crypto platform, has put forth his "best and final offer" in the bankruptcy restructuring of digital asset lender Genesis.
In an open letter to Barry Silbert, the founder of Digital Currency Group (DCG), which owns Genesis and Grayscale, Winklevoss outlined the proposal, which includes $1.5 billion in forbearance payments and fresh loans.
More specifically, the plan includes a $275 million forbearance payment, a $355 million debt tranche due in two years, and an $835 million debt tranche due in five years.
Under the proposal, DCG would retain the proceeds from the sale of Genesis Global Trading, while creditors would receive funds from the disposal of other Genesis companies.
According to the letter, the deadline to agree to the deal is 4 p.m. on July 6.
"I write to inform you that your games are over," Winklevoss wrote in the letter. "In addition to dragging out a resolution, they have ballooned professional fees to over $100 million, all of which have gone to lawyers and advisors at the expense of creditors and Earn users."
The bankruptcy of Genesis has had a significant impact on customers of the Gemini exchange, with approximately $900 million locked in the Earn program.
Gemini's Earn program allowed customers to loan their crypto assets to Genesis, which in turn invested the crypto and then paid investors interest.
However, the lender suspended withdrawals in November after the collapse of the FTX exchange.
At the time, Genesis disclosed that it has $175 million locked in on its FTX trading account, and sought to raise $1 billion from investors, which failed.
Eventually, Genesis filed for Chapter 11 bankruptcy protection in late January. Genesis Global Holdco
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