The Gemini exchange platform is obviously heavily affected by the fallout from the FTX case, and the recent bankruptcy of Genesis. It was to lay off 10% of its workforce for the second time in a few months. A look back at the upheavals of the Winklevoss brothers’ empire.
Gemini laid off employees again
According to sources interviewed by our colleagues at Bloomberg, Gemini was forced to part with 10% of its workforce, when she made a similar decision in June. At the time, it was the collapse of the Three Arrow Capital (itself linked to the collapse of the Terra ecosystem), which led to this decision. This time, it is the bankruptcy of a close partner, Genesis, that is in question.
As we reported to you late last week, the Genesis company was declared bankrupt, owing at least $3.4 billion to its creditors. Weakened by the FTX case, Genesis never recovered. And in his long list of creditors, Gemini comes out on top.
The exchange of the Winklevoss brothers very publicly asked for money from Genesis as they entered into a partnership. The “Earn” system allowed Gemini users to generate income by locking their cryptocurrencies… But Exports have been suspended since NovemberAnd investors are in trouble.
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Will the Gemini problem continue?
According to the documents filed to declare bankruptcy, Genesis owes Gemini $765 million. A substantial financial hole, which led to this new wave of layoffs. Other signs show that the Winklevoss exchange is in turmoil: Several key people at the company have jumped ship, including COO Noah Perlman.
These are of course The layoffs are not the only ones in the industry right now Since the beginning of January, we have seen big names like Huobi or Crypto.com make similar decisions. Coinbase thus divested less than 950 people during the last wave.
All these show the interconnectedness of ecosystems Which has been very weak since the collapse of FTX. But exchanges are sometimes flexible, as suggested by FTX’s current CEO, who believes the exchange can be revived.
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