Crypto giant Gemini still needs to reduce its staff

Crypto giant Gemini still needs to reduce its staff

This is the third wave of layoffs in a year for the cryptocurrency exchange founded in 2015 by the Winklevoss brothers.

Gemini cryptocurrency exchange platform is in bad shape. Already weakened by the collapse of Terra Luna’s ecosystem this summer, it is the largest creditor to Genesis, which filed for bankruptcy last week. To survive the shock, Gemini must still reduce his work force.

Gemini will cut 10% of its workforce, reveals US media Information. This is the third time in a year that the platform has had to make layoffs, after laying off 10% of its teams in June, then 7% in July. Gemini had about 1,000 employees in November.

“We had hoped to avoid further (staffing) reductions after this summer, however, the continued adverse macroeconomic conditions and the unprecedented fraud perpetrated by bad actors in our industry have left us with no choice but to adjust our approach and further reduce the workforce. our,” Cameron Winklevoss wrote in an internal message obtained by Information.

As a reminder, Gemini is the most affected crypto player for Genesis bankruptcy Last week. Indeed, in its bankruptcy filing, Genesis indicates that it owes Gemini $765 million, mainly due to the termination of a program called “Gemini Earn” established between Gemini and Genesis, and used by more than 340,000 Gemini customers.

Last week, in order to get his clients’ money back, Cameron Winklevoss raised the possibility of taking legal action against Barry Silbert, the boss of DGC (Genesis’ parent company) and others who “participated in a liability fraud that harmed over 340,000 Gemini Earn users and others who were deceived by Genesis and his companions.”