Gemini cryptocurrency exchange provides 10% of the workforce

Tyler Winklevoss and Cameron Winklevoss (LR), founders of cryptocurrency exchange Gemini, on stage at the 2021 Bitcoin Convention in Miami, Florida.

Joe Riddle | Getty Images

A spokesperson for cryptocurrency exchange Gemini said its staff numbers were cut by 10%.

It’s at least the third round of cuts in less than a year for Gemini, which was co-founded by twins Cameron and Tyler Winklevoss and, unlike many of its peers, Topics New York Banking Regulations.

Gemini had 1,000 employees as of November 2022, according to PitchBook data, which indicates that about 100 people have lost their positions. TechCrunch reported that Gemini had previously cut its headcount by 7% in July 2022, After 10% of employees a month ago.

Other crypto companies such as Crypto.comAnd CoinbaseAnd A legendary sea monsterAnd origin Positions have been canceled since November 11, the day the Sam Bankman-Fried cryptocurrency exchange took place FTX Filed bankruptcy. In early JanuaryCoinbase cut 20% of its workforce in a second major round of job cuts in an effort to conserve cash during a cryptocurrency market downturn.

“We had hoped to avoid further cuts beyond this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetrated by bad actors in our industry left us with no other choice but to revise our outlook and further cut staff,” Cameron Winklevoss wrote. In an internal message he obtained the information.

Gemini bears a Battle for customer money in recent weeks. The exchange also faces a Legal battle with the Securities and Exchange Commission about an unregistered offering and sale of securities in connection with its partnership with Barry Silbert’s Bankrupt company, Genesis.

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Gemini has been embroiled in an acrimonious dispute with Silbert’s Genesis Trading, a crypto-lending firm that has generated rich returns for Gemini clients through Gemini’s high-yield lending product, known as Gemini Earn.

The relationship soured when FTX filed for bankruptcy. Genesis subsequently froze lending and refunds shortly thereafter, making Gemini customers short an estimated $900 million. The string of failures also forced producer Gemini Earn to quickly follow suit with his own temporary suspension.

In the months since the Earn product was discontinued, Gemini’s 340,000 customers have grown increasingly frustrated. Some gathered together in class action against exchange.

Genesis filed for bankruptcy protection on January 19th. The deposit lists the 50 largest unsecured creditors, and Gemini topped the list with $765.9 million — more than $300 million higher than the next creditor.

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