According to a internal corporate message of US-based crypto exchange Gemini, the company has laid off 10% of its staff amid the bankruptcy of crypto lending platform Genesis Global Capital.
The layoffs are part of the third round of job cuts carried out by the exchange in the past eight months.
According to Gemini co-founder Cameron Winklevoss, the decision to cut staff was made due to poor macroeconomic conditions and “unprecedented fraud” in the crypto industry.
An additional factor was the suspension of the Gemini Earn yield program by Digital Currency Group, the parent company of bankrupt Genesis Global Capital. The debt of the latter to the clients of the exchange amounts to $900 million.