The announcement came on the same day that the CFTC announced a lawsuit against Gemini for allegedly making false or misleading statements.
Gemini announces layoffs of 10% of their staff, blames "crypto winter"
The Winklevoss twins, founders of the Gemini crypto exchange, announced to employees and in a public blog post on June 2 that they would be laying off 10% of their workforce. They wrote that the crypto industry is "in the contraction phase that is settling into a period of stasis — what our industry refers to as 'crypto winter.'" According to CNBC, Gemini employed around 1,000 people, meaning that around 100 would lose their jobs.