Gemini, owned by Cameron and Tyler Winklevoss, has reportedly laid off more staff, more than a month after reports suggested the cryptocurrency exchange had cut 10% of its employees.
In a Monday report from TechCrunch, the news outlet said that a source close to Gemini reported 68 fewer employees on the company’s Slack channel, suggesting the cryptocurrency exchange had cut about 7% of its most of 1,000 employees. The unnamed source claimed that Gemini continued to lay off employees as part of “extreme cost cutting.”
Crypto exchange Gemini executes second round of layoffs less than two months after axing 10% of staff https://t.co/2ocARTxsnh by @jacqmelinek
— TechCrunch (@TechCrunch) July 18, 2022
Gemini Crypto Exchange Executes Second Round of Layoffs Less Than Two Months After Removing 10% of Staff
Gemini Trust, owned by the Winklevoss brothers, reportedly cut 10% of its employees amid the June bear market, when the price of many major cryptocurrencies fell by double-digit percentages. However, at press time, Bitcoin (BTC) and Ether (ETH) prices are up more than 4% and 10% in the last 24 hours, respectively.
Amid the volatility of the cryptocurrency market and other major exchanges, such as Coinbase and Crypto.com, which announced similar staff cuts in June, reported that the Winklevoss brothers were on tour with their band, Mars Junction:
We are kicking off the @MarsJunction summer tour in Asbury Park, New Jersey at @WonderBarAP tomorrow night! Come rock with us.
Get tickets here: https://t.co/gWnnMc2f4u pic.twitter.com/XC6rPcrNkd
— Cameron Winklevoss (@cameron) June 8, 2022
Tomorrow night we kick off the @MarsJunction Summer Tour in Asbury Park, New Jersey at the @WonderBarAP. Come rock with us.
The United States Commodity Futures Trading Commission filed a lawsuit against Gemini in June, alleging that the exchange made false or misleading statements in 2017 during in-person meetings and in official documents. The statements were part of Gemini’s self-certification of a BTC futures contract, facilitating the CFTC’s determination to see if the investment vehicle could be susceptible to manipulation.
Cointelegraph reached out to Gemini but received no response at press time.
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