Full text of Gemini Joint Venture DCG Open letter: Recovery of $900 million loan on behalf of over 340,000 users

Title: "Full Text of Gemini Joint Venture's Open Letter to DCG: Demanding Repayment of $900 Million Owed"

Loopy Lu, Odaily Planet

Gemini  Co-founder   Cameron Winklevoss  On behalf of Earn  Product over   34  Ten thousand users, to   DCG  Founder   Barry Silbert  Send an open letter demanding that he pay what he owes. 9  More than a billion dollars. Winklevoss  Blame sb. for STH. Barry Silbert  For the past six weeks, he has refused to cooperate, using malicious delaying tactics.

DCG  Founder   Barry Silbert  In response, he stated that "DCG  did not borrow  Genesis  borrow  16.75  billion dollars. DCG  has never defaulted on interest  Genesis  and is currently repaying all outstanding loans; next loan due is  2023  years  5  months. DCG  on  12  Month  29  day submitted a proposal to  Genesis  and your advisor, but have not yet received any response."

Daily Planet; Odaily  Will nbsp; Cameron Winklevoss  The letter was translated as follows:

Today is the day. Genesis  Cessation of withdrawals 47  God. I represent more than. 34  Tens of thousands of people are looking for answers. Earn  Users write to you. These users aren't just numbers on a spreadsheet, they're real people: a single mom who loaned you his son's education fund, a dad who lent you money for his bar mitzvah, a couple who lent you all their life savings, a teacher who lent you their kid's college tuition, a cop, and more. In short, these people will surpass. 9  With billions of dollars entrusted to you, they deserve concrete answers, and I'm here to get those answers.

Over the past six weeks, we have done everything we can to engage with you in a good faith and cooperative manner to reach a mutually agreed solution that will allow you to pay what you owe. 9  Billions of dollars, while helping you keep your business. We understand that any restructuring has start-up costs and sometimes things don't move as quickly as we would like.

However, it is now increasingly clear that you have been engaged in malicious delaying tactics.

For example, in   12  Month   2  On Sunday, we expressed our belief that "getting everyone in a room would be the most effective way to reach a resolution." You agreed, but said it would only happen if you had a proposal. 12  Month   17  A proposal has been sent to you. 12  Month   25  An updated version of the proposal was sent to you on Christmas Day. Despite this, you still refuse to get in the room with us and discuss a solution. Moreover, you continue to refuse to agree to a timetable with key milestones. Every time we ask you to actually participate, you hide behind the lawyers, investment bankers and process. After six weeks, your behavior is not only completely unacceptable, it is unconscionable.

The thought in your head is that you can quietly hide in your ivory tower and it will all magically disappear, or that it will be someone else's problem. This is pure fantasy. To put it bluntly, this mess is entirely of your own making. Digital Currency Group (DCG) -- You are the founder and   CEO -- owe   Genesis (a wholly owned subsidiary) 16.75 & have spent A hundred million dollars. This is   Genesis  Owe   Earn  Users and other creditors of the money. You take that money -- teachers' money -- to fuel greedy stock buybacks, illiquid venture capital and kamikaze grayscale. NAV  Trading, which allows your fund's fee-generating assets under management (fee-generating aum) to balloon. All at the expense of the creditor, all for your own personal benefit. It's time for you to take responsibility and do the right thing.

We will not forget that you began your career as a bankruptcy restructuring lawyer. And we won't forget that you've been trying to fix the problems you created at Genesis

And   DC  Segregate. You should let go of that fantasy, because we all know what you know. Genesis  Don't mix it up. Everyone takes orders from you, and they always do. And any pretense you make after the fact, it doesn't hold water. If you put all that energy into finding a solution, we'd be all done by now.

You can do it now. Everyone will be in a better place, including you.

As previously reported, Cameron Winklevoss. Tweeted Houlihan Lokey  To propose a settlement on behalf of the creditors' committee. Genesis  And   DCG  Liquidity problems and provide a way for asset recovery. The program is based on the results obtained so far from Genesis, DCG  And their respective advisory offices.

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