- Gemini is said to have cut about 10% of its workforce.
- Gemini founder Cameron Winklevoss said that “ongoing negative macroeconomic conditions and unprecedented fraud perpetrated by bad actors” forced the exchange to “revise its forecasts.”
- Gemini fired 10% of its workforce in June last year and 7% in July.
- Gemini Earn users have yet to receive more than $900 million and are stuck with the now bankrupt Genesis.
Centralized cryptocurrency exchange Gemini has resorted to another round of layoffs as it continues to reach out to former lending partner Genesis.
According to the information, Gemini has cut about 10% of its workforce. Gemini founder Cameron Winklevoss told the company’s employees that it had to lay off some of them because of “unprecedented fraud perpetrated by bad people.”
Winklevoss said in an internal message.
This is Gemini’s third round of layoffs since last summer. In June, the exchange also cut 10% of its workforce; In July, it launched another 7%.
Other crypto companies have also aggressively cut jobs. Coinbase (NASDAQ:) made three job cuts last year, laying off thousands of employees. ConsenSys, Crypto.com, and other companies have also laid off employees.
Gemini battle against Genesis and DCG
Gemini has been waging a public battle against Genesis, its parent company Digital Currency Group (DCG), and its founder and CEO, Barry Silbert, since early January.
In particular, Gemini’s Cameron Winklevoss said Genesis owed Gemini more than $900 million in earnings and was reluctant to engage in constructive dialogue. Furthermore, Winklevoss accused Silbert of accounting fraud and requested his immediate removal from DCG.
Since starting beef in January, Genesis, which owes more than $3.5 billion to its creditors, has gone bankrupt, and Gemini has shut down its Earn program. The US Securities and Exchange Commission (SEC) also charged the two companies with selling unregistered securities.
Gemini Earn users have yet to receive their money back with Genesis.
on the flip side
- It is unclear what exact number of employees will be affected by the layoffs.
- No official layoffs have been made yet.
Why should you bother
Gemini is one of the last big crypto players. Its decision to go through another round of layoffs is indicative of the challenges the broader crypto industry is currently facing.
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