• Gemini co-founder Cameron Winklevoss threatened a lawsuit against crypto conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert.
• Winklevoss argued that Genesis‘ bankruptcy does not insulate Silbert or DCG from accountability.
• He added that bankruptcy court provides a forum for Genesis, DCG, and Silbert to explain their actions and to make a „fair offer“ to creditors like Gemini Earn users.

The dispute between Gemini co-founder Cameron Winklevoss and crypto conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert over the $900 million owed by Genesis to Gemini Earn has reached a new level. On Jan. 20, Winklevoss threatened a lawsuit against the company and its head if they failed to make a “fair offer” to creditors like Gemini Earn users.

Winklevoss argued that Genesis’ bankruptcy does not insulate Silbert or DCG from accountability. He said that bankruptcy court provides a much-needed forum for Genesis, DCG, and Silbert to explain their actions and to make a “fair offer” to creditors like Gemini Earn users. He said that the bankruptcy would also subject the firm to a judicial oversight that would force it to reveal “machinations that brought us to this point.”

“We also believe that — in addition to owing creditors all of their money back — Genesis, DCG, and Barry owes them an explanation,” Winklevoss said in a Twitter thread. He added, “Sunlight is the best disinfectant.”

Winklevoss accused Silbert of employing “bad faith stall tactics” and called for Silbert to be sacked. Meanwhile, Genesis denies any wrongdoing and has filed for bankruptcy to “minimize the impact to creditors, customers, and employees.”

The dispute between Winklevoss and Silbert has been escalating for a while. In December, Winklevoss accused Silbert of using the bankruptcy filing by Genesis to avoid paying back the $900 million owed to Gemini Earn users. He also accused Silbert of using the bankruptcy filing to protect himself and DCG from the “enormous financial, legal, and reputational liabilities” resulting from the dispute.

At the same time, Silbert has denied any wrongdoing and claims that Winklevoss is simply trying to score “cheap PR points.” He also noted that he had no control over the bankruptcy filing by Genesis.

The dispute between Winklevoss and Silbert has now reached a critical point. If the two sides cannot reach an agreement, it could mean that the $900 million owed to Gemini Earn users may never be recovered. It remains to be seen how this dispute will play out and if Winklevoss will follow through with his threat of legal action.