Gemini founder responds to Genesis bankruptcy: DCG cannot escape responsibility, may sue Barry Silbert
Gemini co-founder Cameron Winklevoss has stated that the bankruptcy restructuring of Genesis is a crucial step for them. This is because during the process of resolving Gemini Earn (financial products unable to be withdrawn due to Genesis' involvement), Barry Silbert, founder of DCG, has been unwilling to provide creditors with a reasonable solution. Therefore, having Genesis supervised by the bankruptcy court to protect creditors is good news.
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Gemini Founder Threatens to Sue Barry Silbert
However, he believes that the bankruptcy reorganization of Genesis will not absolve DCG, Barry Silbert, and others responsible for wrongdoing.
Cameron Winklevoss is planning to sue Barry Silbert and others for fraud, alleging harm to 340,000 Gemini Earn users. However, this lawsuit is contingent on Silbert proposing a reasonable creditor proposal; if unsatisfactory, legal action will be taken.
Winklevoss also stated that they will do everything in their power to fight for the maximum rights of users in bankruptcy court.
1/ Earn Update: This evening, Genesis Global Capital, LLC (Genesis) filed for bankruptcy under Chapter 11. This is a crucial step towards us being able to recover your assets.
— Cameron Winklevoss (@cameron) January 20, 2023
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