Gemini Trust Company

Main article: Cryptocurrency exchanges

Gemini Trust is a cryptocurrency exchange founded by Cameron and Tyler Winklevoss.

2023:10% staff cut

On January 23, 2023 the Americancryptocurrency exchange , Gemini reported a 10% staff cut. The news highlights the cryptocurrency difficulties the industry has faced since the theft of the exchange. FTX

According to PitchBook, as of November 2022, Gemini employed 1,000 people, suggesting that about 100 people have lost their jobs. Gemini previously cut headcount by 7% in July 2022, after cutting staff by 10% in June 2022.

Winklevoss Brothers Admit Crypto Onset, Gemini Cuts 10% of Workers

We hoped to avoid further cuts after the summer in 2022. However, the continuing negative macroeconomic conditions and unprecedented fraud perpetrated by bad players in our industry have left us with no choice but to reconsider our prospects and continue to reduce headcount from January 2023, "wrote Gemini's founding member Cameron Winklevoss in an internal message.

Since November 2022, after the shutdown of the Earn product, 340,000 Gemini customers have become increasingly disappointed in the Gemini cryptocurrency exchange. The relationship soured when the FTX company filed for bankruptcy. Soon after, Genesis froze lending and repayment, as a result of which Gemini customers received less than about $900 million. Some of Gemini's customers joined in a class action lawsuit against the exchange in late 2022. Gemini was embroiled in a tense battle with Genesis, which provided Gemini customers with rich revenues from Gemini's highly profitable loan product, known as Gemini Earn.

In early 2023, the cryptocurrency exchange Gemini survived the battle for customer funds. The exchange also faces a legal battle with the U.S. Securities Commission and other exchanges over an alleged unregistered offer and sale of securities in connection with a partnership with Barry Silbert's bankrupt Genesis company. Crypto exchange Genesis filed for bankruptcy, which implies the reorganization of the company and the restructuring of its debts, the company owes creditors more than $3 billion.^[1]

2022: End payments during cryptocurrency exchange crisis

On November 16, 2022, Genesis Global Capital, a credit company owned, DCG notified customers of a temporary suspension of repayment and issuance of new loans due to market shocks and collapse. FTX Because of this, Genesis partner Gemini was forced to limit payments to customers using the special Gemini Earn program. Genesis' debt to a group of these customers on the Gemini platform amounted to $900 million.

In January 2023, Cameron Winklevoss, one of the twin co-founders of the American crypto exchange Gemini, called for the resignation of the CEO of the Digital Currency Group (DCG) Barry Silbert. In an open letter posted on Twitter (the social network is banned in Russia), Winklevoss, on behalf of Gemini and 340 thousand users of its Gemini Earn service, asked the DCG board to remove Silbert, citing the inability of DCG under his leadership to provide payments to creditors.