More Gemini staff faces layoffs in exchange’s ‘extreme cost cutting’ measures: report

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Gemini digital asset exchange is set to lay off more staff members in the second round of layoffs, just two months after axing 10% of its employees.

The Winklevoss twins-owned exchange has made the second round of layoffs and will be making more cuts soon, a source with insider knowledge told TechCrunch. The outlet says that Gemini hadn’t revealed details about it yet, leaving many of its employees to speculate on who was bound to get the pink slip.

According to the source, the layoffs would affect at least 7% of the exchange’s staff or about 68 employees. The layoffs were part of Gemini’s “extreme cost cutting” move as it seeks to survive the current bear market, the source, who only divulged the information under the condition of anonymity, told TechCrunch.

The report comes just a week after an internal operating plan document was published on Blind, an anonymous professional network. Even though it was taken down shortly after publishing, it had already made the rounds and revealed that Gemini would trim its workforce to about 800 employees, down from its current 950.

The leak didn’t amuse Cameron Winklevoss, one of the founders of Gemini and on the company’s Slack channel, he blasted the “super lame” employee that had leaked the document.

“It’s come to my attention that at least one team member thinks it’s a good idea to post a snippet of our technology operating plan on a third party website (Blind). Wow, super lame … if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here,” Winklevoss wrote.

He further warned the said employee that he would get what was coming to him in due time, adding, “Karma is the blockchain of the universe — an immutable ledger that keeps track of positive and negative behavior.”

“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.”

As it grapples with layoffs, Gemini is also facing issues on the legal front, with the Commodity Futures Trading Commission (CFTC) alleging that it lied about wash trades and market-maker loans. The exchange was also sued by IRA Financial, which claimed it was at fault for a $36 million hack back in February.

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