Gemini lays off 10% of staff amid troubles at Genesis, DCG: The Information
Quick Take
- Crypto exchange Gemini has laid off 10% of its staff, according to The Information.
- The news comes amid trouble with crypto lender Genesis and its parent company DCG over their role in the Gemini Earn yield program.
Crypto exchange Gemini laid off 10% of its staff, The Information reported, citing a message that was sent to employees on Monday.
Poor macroeconomic conditions and "unprecedented fraud" in the crypto industry forced the company to reduce headcount, co-founder and President Cameron Winklevoss said in the message. The layoffs are the third round of job cuts the company has carried out within the last eight months.
Gemini, founded by Cameron and Tyler Winklevoss, has been feuding with parent company DCG after it was forced to suspend and then terminate its Earn program, which it did after sister lending firm Genesis paused withdrawals before filing for bankruptcy earlier this month. Gemini told customers that the bankruptcy process will be "crucial step towards us being able to recover your assets" and formed an adviser committee to help coordinate and advocate for a resolution
Gemini declined to comment about the layoffs when contacted by The Block.
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