Gemini, the popular cryptocurrency exchange, has announced to reduce 10% of its workforce due to the crypto industry’s “bad actors,” media reports said.
The announcement was made on Tuesday by Tyler and Cameron Winklevoss, the co-founders of Gemini, who said the layoffs were necessary to ensure the long-term security of the company.
The Winklevoss twins said that the layoffs were a result of the “bad actors” in the cryptocurrency industry who have been manipulating the markets and undermining trust in the industry.
“The recent market downturn has been exacerbated by the actions of bad actors in the industry,” the Winklevoss twins said in a statement.
“We are taking the necessary steps to protect the long-term security of Gemini and the crypto industry, including reducing staff and controlling costs.”
The layoffs will affect approximately 10% of the company’s staff or around 40 employees. The Winklevoss twins said that they will do their best to ensure that those affected are taken care of and that they are offering severance packages and other assistance to those impacted.
The Winklevoss twins said that the layoffs were not related to the current bear market, but were instead a result of the “bad actors” in the industry. They also said that they are committed to doing what is necessary to protect the long-term security of Gemini and the crypto industry.
The Winklevoss twins said that they remain optimistic about the future of the crypto industry and that they believe that Gemini will be able to weather the current market downturn.
“We are confident that the long-term prospects for the crypto industry remain strong and that Gemini will emerge stronger and better positioned for the future,” they said.