{"id":72967,"date":"2023-01-24T12:12:45","date_gmt":"2023-01-24T10:12:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72967"},"modified":"2025-09-09T11:27:03","modified_gmt":"2025-09-09T08:27:03","slug":"gemini-lays-off-10-of-staff-amid-genesis-troubles","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gemini-lays-off-10-of-staff-amid-genesis-troubles\/","title":{"rendered":"Gemini lays off 10% of staff amid Genesis troubles"},"content":{"rendered":"<p>The cryptocurrency exchange Gemini has laid off 10% of its staff amid the bankruptcy of crypto-lending platform Genesis Global Capital. <a href=\\\"https:\/\/www.theinformation.com\/articles\/gemini-is-laying-off-10-of-staff-marking-latest-blow-for-winklevoss-crypto-startup\\\">The Information<\/a> reports, citing an internal memo.<\/p>\n<p>The layoffs mark the third round of job cuts the exchange has carried out in the past eight months.<\/p>\n<p>According to Gemini co-founder Cameron Winklevoss, the decision to trim staff was driven by weak macroeconomic conditions and &#8220;unprecedented fraud&#8221; in the crypto industry.<\/p>\n<p>An additional factor was the halt of the Gemini Earn yield program by Digital Currency Group, the parent company of the bankrupt Genesis Global Capital. The latter&#8217;s liabilities to the exchange&#8217;s clients stand at <a href=\"https:\/\/u1f987.com\/en\/news\/ft-reports-genesis-and-dcg-owe-gemini-clients-900-million\">$900 million<\/a>.<\/p>\n<p>In a letter to customers, Gemini said that the bankruptcy process of Genesis Global Capital would be a &#8220;decisive step on the path to recovering user assets&#8221;.<\/p>\n<p>The exchange declined to comment further on the situation.<\/p>\n<p>On January 20, Genesis Global Capital filed <a href=\"https:\/\/u1f987.com\/en\/news\/genesis-part-of-digital-currency-group-files-for-bankruptcy\">bankruptcy filing<\/a>.<\/p>\n<p>The filing lists more than 100,000 creditors, with assets and liabilities ranging from $1 billion to $10 billion.<\/p>\n<p>Last week <a href=\"https:\/\/u1f987.com\/en\/news\/consensys-trims-11-of-its-workforce\">a reduction of around 11% of staff<\/a> was confirmed by software developer ConsenSys.<\/p>\n<p>Microsoft also said it planned to lay off <a href=\"https:\/\/u1f987.com\/en\/news\/microsoft-to-lay-off-10000-employees\">10,000 employees by March 2023<\/a>.<\/p>\n<p>Read ForkLog Bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Gemini laid off 10% of its staff amid the bankruptcy of the crypto-lending platform Genesis Global Capital.<\/p>\n","protected":false},"author":1,"featured_media":72968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[184,719,1380,1276],"class_list":["post-72967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dcg","tag-gemini","tag-genesis-global-capital","tag-layoffs"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72967"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72967\/revisions"}],"predecessor-version":[{"id":72969,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72967\/revisions\/72969"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72968"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}