Gemini has formed a creditor committee to try to recoup funds from Genesis, as well as Genesis parent company DCG.
Genesis owes $900 million to customers of Gemini Earn
- "Crypto broker Genesis owes Winklevoss exchange’s customers $900mn", Financial Times
Gemini halts withdrawals from their lending service
The company said in a blog post that they were "working with the Genesis team" to restore withdrawals. Like Genesis, they tried to urge that the issue would not affect other Gemini products. However, a service outage that same day did little to strengthen trust in the company.
Gemini lays off second round of employees in less than two months
The week prior, an internal operating plan document was shared to the anonymous employee platform Blind, which outlined a plan that would reduce company headcount to around 800 — a 15% reduction. The plan was taken down shortly after. Gemini co-founder Cameron Winklevoss wrote in a Slack message that the leak was "super lame", and wrote that "friendly reminder that Karma is the blockchain of the universe — an immutable ledger that keeps track of positive and negative behavior."
Gemini announces layoffs of 10% of their staff, blames "crypto winter"
The announcement came on the same day that the CFTC announced a lawsuit against Gemini for allegedly making false or misleading statements.
CFTC sues Gemini over allegedly misleading statements
- "CFTC accuses Winklevoss-owned crypto exchange Gemini of misleading statements in new lawsuit", The Block
- Press release from the CFTC
- CFTC v. Gemini complaint