As Numerous Crypto values Rise, Gemini Continues to Lay off Employees: Report
There were 68 fewer employees on the company's Slack channel as of Monday, according to a source close to the Cryptocurrency Exchange, indicating that Gemini had decreased its employment by around 7%.
Gemini, owned by Cameron and Tyler Winklevoss, is said to have let go of additional staff more than a month after news surfaced that the Crypto Exchange had lost 10% of its workforce. https://t.co/2ocARTxsnh
According to a source close to Gemini, who claimed 68 fewer employees on the company is Slack channel on Monday, the Cryptocurrency Exchange has let about 7% of its more than 1,000 staff go. The unnamed insider claimed that Gemini continued to lay off employees as part of "extreme cost-cutting."
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When many significant cryptocurrencies experienced double-digit price drops because of the bear market in June, The Gemini Trust, owned by the Winklevoss brothers, reportedly laid off 10% of its workers.
However, as of the writing of this article, the costs of Bitcoin (BTC) and Ether (ETH) had risen by more than 4% and 10%, respectively, in comparison to the day before.
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With Coinbase and Crypto.com, two other large exchanges, reporting substantial personnel cutbacks in June amid the turmoil in the cryptocurrency business
The US Commodity Futures Trading Commission (CFTC) is suing the Gemini Exchange on the grounds that during in-person meetings and in official documents during 2017, the exchange made statements that were untrue or deceptive.
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The statements, which were a part of Gemini is self-certification of a BTC futures contract, assisted the CFTC in determining whether the investment vehicle would be vulnerable to manipulation.
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