According to an internal structure notebook browsed by the news media, Gemini, the cryptocurrency trading center, plans to lay off 10% of its staff. Previously, Gemini users were affected by the bankruptcy of Genesis Capital, mainly because the FTX kingdom collapsed in December 2022.

Gemini layoffs of 10%

In this regard, Gemini has implemented at least three rounds of layoffs in the past eight months. On Monday, Cameron Winklevoss, Gemini's chief executive, released a message on Slack, informing employees of a recent round of layoffs, and that employees were called "astronauts" in their internal structure.

To introduce Cameron Winkleworth's words:

I hope to prevent further layoffs after this summer, but the continuous negative macroeconomic policies and the unprecedented fraud of various bad actors in our industry have left us with no choice but to change our own market prospects and further reduce the number of employees.

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Gemini and Genesis jointly gave Gemini Earn in February 2021, which is a high-return cryptocurrency loan commodity, as evidence of the close relationship between the trading center and Genesis, which is not in good condition. Until the beginning of this month, the Foreign Securities and Exchange Commission filed a lawsuit against the two companies, accusing them of selling unregistered securities to investors on the platform.

Increasing field layoffs

It is reported that the users of Earn Plan were identified as the most senior unsecured debtor of Genesis in the bankruptcy documents, with the total amount of claims exceeding 765 million US dollars. On January 20, Genesis submitted a letter of help guaranteed in Chapter 11.

In the past few weeks, some well-known cryptocurrency enterprises, such as Coinbase, Crypto.com, Blockchain. com and ConsSys, have already reduced their human capital to cope with the current severe winter of data encryption. Gemini laid off 10% of its employees in June before this, and more employees were laid off earlier in July. According to the recent information, the number of Gemini decreased from 1100 at the beginning of 2022 to 650 to 700 at the end of 2022.