Gemini Lays Off More Staff in Second Round As Many Crypto Prices Increase

In a report of over a month ago, Cameron and Tyler Winklevoss’ Gemini has reportedly cut off additional staff after reports suggested the cryptocurrency exchange cut 10% of its employees.

A report on Monday from TechCrunch, a news outlet said that a source close to Gemini reported 68 fewer employees on the company’s Slack channel, suggesting the crypto exchange had cut roughly 7% of its more than 1,000 employees. The anonymous  source claimed that Gemini continued to retrench employees as part of “extreme cost-cutting.”

When the price of many major cryptocurrencies fell by double-digit percentages, the Winklevoss brothers’ Gemini Trust reportedly cut 10% of its employees during the bear market in June. However, Bitcoin (BTC) and Ether (ETH) prices have risen by more than 4% and 10% in the last 24 hours, notably.

During the crypto market volatility and other major exchanges including Coinbase and Crypto.com announced similar staff cuts in June, the Winklevoss brothers were reportedly on tour with their band, Mars Junction.In June, the United States Commodity Futures Trading Commission (CFTC) sued Gemini, alleging 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, supporting the CFTC’s determination to see if the investment vehicle could be susceptible to manipulation.