Cryptocurrency exchange Gemini, led by famed billionaire twins Cameron and Tyler Winklevoss, is reducing its headcount by an additional 10% on the heels of getting caught up in the bankruptcy of crypto lender Genesis, according to a Monday internal message viewed by The Information. In just the past eight months, Gemini made at least three rounds of job cuts in the wake of a persistent market downturn. As a testament to Gemini's close ties to troubled Genesis, both firms partnered up in February 2021 to offer Gemini Earn, a high-yielding crypto lending product. It wasn't until earlier this month when the U.S. Securities and Exchange Commission slapped the firms with a lawsuit for allegedly selling unregistered securities to retail investors via Gemini Earn. Of note, customers of Gemini Earn were named in bankruptcy filings as Genesis's largest unsecured creditor with over $765M in claims, the report noted. Genesis filed for Chapter 11 protection on Jan. 20. Gemini's headcount stood at 650-700 people towards the end of 2022, down from 1.1K at the start of 2022, The Information said. In June 2022, the CFTC charged Gemini over 2017 bitcoin futures case.
Bitcoin Price Prediction For March 21
