Deadline set by crypto's Winklevoss looms for Genesis repayment deal

economictimes.indiatimes.com:

crypto lending unit Genesis after its largest creditor Gemini — the crypto company founded by the Winklevoss twins — set Thursday afternoon as the final deadline before the company pursues litigation. The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Genesis is owned by venture capital firm Digital Currency Group (DCG). Although Genesis' lending unit had initially outlined a plan to exit bankruptcy by May, it has yet to reach an agreement on a restructuring plan with creditors, to whom it owes more than $3 billion, according to court filings. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. Gemini is seeking to recoup more than $1.1 billion.

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In a letter to DCG CEO Barry Silbert that Cameron Winklevoss tweeted on Monday, Winklevoss shared what he called his «best and final offer,» and said the deadline for DCG to agree to the proposal was 4 p.m. EDT (2000 GMT) on July 6. «No extensions and no more delay. It is a simple yes or no,» Winklevoss told Reuters in a statement. DCG declined to comment. Lawyers for Genesis did not immediately respond to a request for comment. DCG had called a previous open letter from Winklevoss earlier this year a «publicity stunt» to «to deflect blame from