There is time cryptocurrency news in the situation involving the Dutch cryptocurrency exchange Battle involved. Co-founder of cryptocurrency exchange Gemini wants Digital Currency Group (DCG) CEO Barry Silbert to leave. According to Cameron Winklevoss, he is responsible for the current stalemate. Bitvavo, on the other hand, yesterday received a counter-proposal in which DCG claims it can repay at least 70% of the debt.
“DCG CEO Must Go”
Winklevoss did so in an open letter he shared on Twitter striking request. He even sent one earlier open letter to DCG with a request to reach a solution by 8 January. Apparently it was not listened to. With that, Winklevoss no longer has faith that DCG, Genesis, and Gemini will come to a resolution with Barry Silbert at the helm. Gemini still gets approx 900 million dollars van Genesis.
In the letter, Winklevoss accuses DCG, for whom Silbert is ultimately responsible, of a number of things. For example, Genesis allegedly lied both publicly and behind the scenes about the company’s financial condition. DCG is the parent company of Genesis. Furthermore, accounting fraud would have been committed to make the situation more rosy.
Partly for this reason, Winklevoss wants Silbert out. “I am confident that under the new management of DCG, we can achieve a positive outcome, without going to court, that would be a win-win,” Winklevoss said in a letter to DCG’s board.
Bitvavo receives offer: 70% of 280 million euros back
Despite the tug of war lately, Bitvavo let in a reply We’re still hopeful about this news: “As Gemini, we share the confidence that a solution can be found to the satisfaction of all involved,” though he doesn’t specifically say whether or not he supports Winklevoss’ request.
Bitvavo also announced that it received a counter offer from DCG yesterday. In it, the company offered to repay around 70% of the outstanding amount (around 196 million of the 280 million euros) over the long term. For the rest, he would like to make a different deal. However, Bitvavo disagrees as DCG has sufficient resources to provide a full refund.
However the situation plays out, Bitvavo determines that sufficient assets are available to pay off the outstanding debt. Even if Genesis goes bankrupt, that would only affect the timing of the whole process, according to the Dutch cryptocurrency exchange.
The exchange also stresses once again that the situation will not impact Bitvavo customers. The trading platform guarantees the debt and thus, in the worst case, would fill the gap itself.
