Gemini to Lay Off 10% of its Staff

Winklevoss Twins’ cryptocurrency exchange is preparing to lay off some of its staff after facing issues pertaining to FTX and Genesis Global.

• According to a Monday report, Gemini, the cryptocurrency exchange of the Winklevoss Twins, is cutting its workforce by 10%.
• Genesis has been facing issues since the collapse of FTX.
• Genesis’ Earn was shut down earlier in January after a public exchange with DCG’s Bary Silbert over Genesis’ debt to Gemini.
• Genesis filed for bankruptcy late last week as a result of the spreading FTX contagion.
• This is the latest in a series of crypto layoffs which also saw Genesis cut its workforce by 30% prior to the bankruptcy filing, and Coinbase fire around 900 of its employees.

This is a breaking story and will be updated as new details emerge.