The New York-based cryptocurrency exchange Twinsseparate from 10% of its workforce in the current bear market that has seen an estimated $2 trillion decline.
it is about third round of layoffs on the exchange in the past eight monthsThe Information reported Monday, quoting an internal message from Gemini co-founder and CEO Cameron Winklevoss:
“We had hoped to avoid further headcount reductions after this summer, however, continued negative macroeconomic conditions and unprecedented fraud perpetrated by some players in our industry have left us with no choice but to revise our outlook and further reduce headcount.” .
PitchBook’s data proves it Gemini had 1,000 employees in November 2022, implying that around 100 people have lost their jobs. TechCrunch reports that Gemini previously cut its workforce by 7% in July 2022, following another 10% cut the previous month.
Here comes the last layoff a context of increasing pressure on Gemini because ofa high-profile dispute involving cryptocurrency firm Genesison the exchange’s Trust Earn program, which offered high-interest accounts through a partnership with the cryptocurrency lender.
Genesis filed for Chapter 11 bankruptcy protection last week, after weeks of speculation about the health of the cryptocurrency lender. Bankruptcy filings prove it Genesis Owes $3.5B to Its Top 50 Creditors, Including $900M to Gemini Eearn Users.
It should be noted that Mr. Cameron has been busy a public battle with Barry Silbert, CEO of Digital Currency Group (DCG), which owns Genesis. Earlier this month, he wrote an open letter to the DCG board, calling for Silbert’s removal. He said so too DCG deceived over 340,000 Gemini and Earn users by falsely claiming that Genesis was trustworthy.
Cameron welcomed Genesis’ move to file for bankruptcy. “This is a crucial step for us to recover your assets,” he said on Twitter, while threatening to file a lawsuit against Barry Silbert and Digital Currency Group if they don’t make a “fair offer” to creditors.
The Securities and Exchange Commission (SEC) archived a complaint against Genesis Global and Gemini Trust for the unregistered sale of cryptocurrencies. The commission said it was seeking civil penalties and a permanent injunction.
Separately, nearly every major cryptocurrency exchange has also announced layoffs in the past couple of months. Coinbase announced its third round of layoffs earlier this month, reducing its workforce to a total of 950 employees, or 20% of its workforce.
Follow our affiliate links:
- To buy cryptocurrencies in the SEPA zone, in Europe and French citizensvisit Coinhouse
- To buy cryptocurrency in Canada visit bitbuy
- To protect or store your cryptocurrenciesget a Ledger wallet
- To trade your cryptocurrencies anonymouslyinstall the NordVPN app
To accumulate coins during the game:
- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
Stay informed through our social networks: