Gemini co-founder Cameron Winklevoss has published an open letter to Digital Currency Group (DCG) CEO Barry Silbert. It says it’s been 47 days since the Earn program was suspended for 340,000 users, totaling $900 million.
According to Winklevoss, Silbert is “practicing the tactics of unfair delay in the process.”
Earn’s landing product offered investors an income of up to 8% per annum on deposits made. In mid-November, Gemini suspended payments for the program. This happened against the backdrop of financial problems of the main partner, the Genesis Trading OTC platform.
According to media reports, the firm and its parent company DCG owe $900 million to the exchange’s clients.
On December 23 and 27, the Gemini team assured that they continue to work with Genesis and DCG to resolve the issue, despite the holiday.
Winklevoss stressed in the letter that the exchange was able to contact Silbert on December 2, on December 17 to propose an initial solution to the problem, and on December 25 an updated scenario for overcoming the crisis.
According to him, DCG’s obligations to the subsidiary amount to $1.675 billion – “funds that Genesis owes to Earn users and other creditors”:
Silbert responded by stressing that DCG did not borrow $1.675 billion from Genesis. He added that his company approached Genesis and Gemini on Dec. 29 with an offer, but received no response.
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