Crypto exchange Gemini is set to cut 10% of its staff, The Information reported Jan. 23, citing internal slack messages.

Gemini co-founder Cameron Winklevoss blamed the latest layoff decision on “persistent negative macroeconomic conditions” and “unprecedented fraud” within the crypto industry. Winklevoss said the exchange was left “with no other choice but to revise our outlook and further reduce headcount.”

Meanwhile, Gemini has been involved in two previous layoffs — the exchange cut 10% of its staff in June 2022 and another 15% in July 2022, citing market conditions.

Gemini was forced to end its Earn product after a public spat with bankrupt crypto lender Genesis and its parent company Digital Currency Group (DCG). The crypto exchange claims the lender owes its Earn user $900 million; however, Genesis court filing pegged the debt at $765.9 million.

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