Crypto Exchange Gemini Cutting Another 10% of Staff: Report

In at least its third round of layoffs since June, crypto exchange Gemini is laying off another 10% of its staff, according to an internal message viewed by The Information.

Gemini has been swept up in the bankruptcy of crypto lender Genesis Global Capital and has been unable to pay out funds to its Earn account holders.

“It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount,” wrote Cameron Winklevoss, the president and co-founder of Gemini,  in the internal message.

Gemini did not immediately return a request for comment.

Gemini had previously cut 10% of its staff in June, followed by more layoffs in July, according to TechCrunch. Gemini’s headcount was down overall from 1,100 at the start of 2022 to between 650 and 700 people near the end of the year, according to The Information.