• Cameron Winklevoss, the co-founder and CEO of the Gemini trading platform, has threatened to sue Genesis Global and its parent company, the Digital Currency Group.
• The lawsuit is in response to Genesis filing for bankruptcy involving two of its other subsidiaries which Cameron claims is an attempt to avoid paying out the $900 million owed to its Earn customers.
• Cameron has been vocal on social media about the complacency of Genesis and the Digital Currency Group, owned by Barry Silbert, with regard to settling Gemini Earn customers.
Cameron Winklevoss, the co-founder and Chief Executive Officer (CEO) of the Gemini trading platform, has threatened to sue Genesis Global and its parent company, the Digital Currency Group. Cameron made the announcement via Twitter following the bankruptcy filing lodged by Genesis involving two of its other subsidiaries.
Cameron has been vocal about the complacency of Genesis and the Digital Currency Group, owned by Barry Silbert, with regard to settling Gemini Earn customers. Gemini Earn is a product which pays out a reward to users who subscribe to it. Unfortunately, the Earn customers were unable to gain access to their funds as Genesis closed withdrawal options without prior warning. This has caused a great deal of frustration on the part of Earn customers who are now unable to access the funds they are owed.
Cameron Winklevoss claims that the move to file for bankruptcy was an attempt to avoid paying out the $900 million owed to the Earn customers. He has stated that this move is unacceptable and that he and his team are looking into legal action in order to recoup the funds. Cameron believes that the Barry Silbert-led DCG has continued to refuse to offer its creditors a fair deal, and as such, legal action is the only way to ensure the Earn customers receive the funds they are owed.
The news has been met with both outrage and support from the cryptocurrency community. Many are in agreement that legal action is necessary in order to ensure that the Earn customers are not left out of pocket due to the actions of Genesis and the Digital Currency Group.
It remains to be seen what will come of Cameron’s threats, but it is clear that he is determined to ensure that the Earn customers are not left without their funds. Legal action may be the only way to ensure that the funds are recouped and that justice is served.