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Friday, Feb 03, 2023

Crypto winter continues at Gemini as another round of layoffs hits Winklevoss crypto exchange

Crypto winter continues at Gemini as another round of layoffs hits Winklevoss crypto exchange

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The company has reportedly laid off as much as another 7% of its workforce, roughly 68 people. That comes on the heels of a 10% staff reduction in early June.
Gemini, the cryptocurrency firm started by Cameron and Tyler Winklevoss, has slashed its workforce for the second time in two months.

TechCrunch reports the company has laid off as much as another 7% of its workforce, roughly 68 people. That comes on the heels of a 10% staff reduction in early June.

Gemini has not publicly commented on the most recent layoffs, but in announcing last month’s cuts, the company blamed “turbulent market conditions that are likely to persist for some time.”

In early June, the Commodity Futures Trading Commission (CFTC) sued Gemini on allegations the crypto exchange’s staff misled the federal regulator during Gemini’s 2017 effort to launch trading of what would have been a landmark Bitcoin (BTC) futures contract.

Both Winklevoss twins are still associated with Gemini, but both have dropped any mention of the company from their Twitter biographies, instead choosing to highlight their recently formed cover band.

That, along with the decision to go on tour as the crypto markets imploded, has led to some employee disgruntlement. That could be how an internal document ended up being shared last week on the anonymous professional network Blind. That document discussed a plan to lower the company headcount to 800 people—150 fewer than were on staff at the time.

TechCrunch reports that that reengaged the cofounders, who took to the company Slack to chastise the leaker.

“Wow, super lame,” wrote Cameron Winklevoss. “Karma is the blockchain of the universe—an immutable ledger that keeps track of positive and negative behavior…We are going to the moon. We are going to need cosmic consciousness to get there. Earthly consciousness will not be enough. If you are exhibiting the behavior of a first-time human, time to level up or respectively bow out, if for no other reason but to avoid an expensive bill in the future.”

Mars Junction, the Winklevosses’ band, wrapped up its tour on July 3.
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