A legal battle is brewing: Cameron Winklevoss is preparing to sue Genesis after the bankruptcy filing! Read all about this amazing scandal here!

Cameron Winklevoss, the co-founder and CEO of trading platform Gemini, has threatened to sue Genesis Global and its parent company, Digital Currency Group. Cameron took to Twitter to share the situation after Genesis filed for bankruptcy involving two of its other subsidiaries.

6/ Unless Barry and DCG come to their senses and make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently.

– Cameron Winklevoss (@cameron) January 20, 2023

Cameron Winklevoss has been very vocal on social media about the complacency of Genesis and the Digital Currency Group, owned by Barry Silbert, regarding the settlement of Gemini Earn customers. On more than one occasion, Cameron, who co-owns the Gemini exchange with his twin Tyler Winklevoss, has claimed that Silbert and Genesis are using scam tactics to avoid paying the $900 million owed to Gemini Earn customers.

The Gemini Earn program pays a reward to users who subscribe to the product. Unfortunately, Earn customers were unable to access their funds because Genesis closed withdrawals following the implosion of the FTX Derivatives Exchange in November of last year. With pessimism surrounding the future of the product, Gemini closed its Earn program to all customers.

According to Cameron Winklevoss, the bankruptcy filing was described as good for Gemini Earn customers. He said it will allow the company to recover its funds, as the DCG led by Barry Silbert continued to refuse to offer its creditors a fair deal.

“The good news is that by filing for bankruptcy court protection, Genesis will be subject to judicial oversight and will have to provide information about the machinations that brought us to this point“, Cameron Winklevoss said in his tweet, adding that “the decision to put Genesis out of business does not protect Barry, DCG, and all other wrongdoers from liability“.

Lawsuit against Genesis is inevitable, Cameron insists

The Gemini executive said that despite the chances he has of recovering his Earn funds via bankruptcy proceedings, he will not hesitate to sue all parties involved if Silbert and DCG do not “come to their senses and make a fair offer to creditors.”

While the option of a lawsuit is entirely feasible, Cameron Winklevoss said the company would use every available tool in its power in bankruptcy court to “maximize recovery for Earn users and all other parties within the bankruptcy court’s jurisdiction.“

As previously reported by Coinspeaker, Genesis Global said that its credit and liabilities range from $1 billion to $10 billion and that it has up to 100,000 creditors. Of those funds, $900 million belong to more than 340,000 Gemini Earn customers, making the situation very concerning for the crypto-currency exchange platform.

Genesis’ bankruptcy filing comes in the wake of the implosion of the FTX derivatives exchange. While deep contagion may yet affect other companies, Cameron maintained that DCG and Barry Silbert also have serious explaining to do in addition to the repayment creditors expect.