The company “Gemini” lays off 10% of its employees … is the declaration of bankruptcy next?
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Answer The company “Gemini” lays off 10% of its employees … is the declaration of bankruptcy next?
According to an internal memo reached by the media, cryptocurrency exchange Gemini plans to lay off 10% of its workforce.
This comes after “Gemini” clients were affected by the bankruptcy of “Genesis Capital”, the latter, which in turn was affected by the collapse of FTX, in December of 2022.
Gemini cuts 10% of its workforce:
At this point, Gemini has had at least three rounds of layoffs in the past eight months.
On Monday, Gemini president Cameron Winklevoss sent out a message on Slack informing the employees, who are referred to internally company-wide as “astronauts,” of the latest round of layoffs.Read:Transaction volumes of non-fungible NFT tokens in “OpenSea” have fallen sharply
Cameron Winklevoss was quoted as saying:
We were hoping to avoid more layoffs after this summer.
However, the ongoing negative macroeconomic conditions and the unprecedented fraud perpetrated by bad actors in our industry have left us with no other choice but to revise our outlook and further cut staff.
Gemini and Genesis teamed up together in February 2021 to present Gemini Earn, a high-yield cryptocurrency lending product as an outcome on the close ties between Gemini and Genesis.
It wasn’t until the beginning of this month that the US Securities and Exchange Commission (SEC) filed a lawsuit against the companies, alleging that they sold unregistered securities to market participants through the Gemini Earn platform.
Increasing layoffs in the crypto industry:
According to reports, customers of the Earn lending program were recognized in bankruptcy documents as the best unsecured creditor of Genesis with claims of more than $765 million.
On January 20, Genesis filed their petition for Chapter 11 bankruptcy protection.
Over the past several weeks, a number of prominent cryptocurrency companies, such as Coinbase, Crypto.com, Blockchain.com, and ConsenSys, have cut back their workforces in response to the current crypto winter.Read:Institutional Demand Continues…Bitcoin ETFs Now Hold Over 22,500 BTC
Gemini had earlier cut more staff in July, having previously cut 10% of its workforce in June.
According for reports Modern, the number of “Gemini” employees decreased from 1,100 at the beginning of 2022 to between 650 and 700 people by the end of 2022.
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