US-based crypto exchange Gemini said that it will lay off 10 per cent of its workforce, citing “bad actors” in the crypto industry, the media reported. It’s at least the third round of cuts at Gemini in the past eight months. In a message on Slack on Monday, Gemini President Cameron Winklevoss informed staff of the latest layoffs, reports The Information.
“It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount,” Winklevoss was quoted as saying.
In July last year, Gemini laid off more employees in the second round of layoffs.
ALSO READ: Crypto Exchange Gemini Lays Off Over 65 More Employees In Second Round: Report
According to TechCrunch, the company laid off 7 per cent, or 68 employees, in the second round.
Moreover, the exchange is also facing a legal fight with the US Securities and Exchange Commission (SEC) over an alleged unregistered offering and sale of securities in connection with its partnership with the cryptocurrency broker Genesis.
Last week, Genesis filed for Chapter 11 bankruptcy following the meltdown of the FTX exchange.
According to bankruptcy documents, the company listed over 1,00,000 creditors in a “mega” bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion, reports CNBC.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.