![]() ![]() To atone for all these problems and to find new markets abroad, especially in what concerns the derivatives trading sector in crypto, where Gemini is almost still absent, the Winklevoss brothers have talked about a second headquarters in Dublin.Ĭameron has said publicly that he and his twin will not leave the United States but will try to build a European market for Gemini in parallel, with the goal of reviving the company’s finances. ![]() In total, nearly 300 users have joined a class action organized together with Genesis’ creditors on the social media platform Telegram. In addition, legal complaints and class actions are pending against Gemini Earn for leading to the loss of all funds of users who had deposited cryptocurrencies on the platform. The bankruptcy of Genesis, which was penalized by the exposure of its assets on FTX and Three Arrows Capital, has led to a lowering of investor confidence on all services led by Gemini, resulting in decreased volumes and market share. Regulators are seeking a settlement including “permanent injunctive relief, restitution of ill-gotten gains plus prejudgment interest and civil penalties.” The allegation speaks of an alleged sale of unregistered securities through the “earn” product offered by the Winklevoss brothers, who are now seeking to defend themselves by asking for the case to be dismissed, calling the SEC’s action “ill-conceived.” Weighing down the financial situation of crypto exchange Gemini and the Winklevoss brothers is the US Securities and Exchange Commission ( SEC), which in January filed a lawsuit against the exchange and its affiliate Genesis Global Capital, a now-bankrupt crypto lender. SEC lawsuit against the Winklevosses’ crypto exchange “its small market share and series of regulatory problems portend a bleak future for Gemini.” In total, Gemini’s market share in April amounted to 0.12% of global spot volume, a figure up from 0.07% in February 2022, but down 50% from a year ago.Įswar Prasad, professor at Cornell University, said the following about the exchange‘s situation: In the last 24 hours, the Winklevoss exchange generated volumes in the spot market of $23 million, which is extremely lower than market leaders such as Binance and Coinbase that produced trades of $7.3 billion and $976 million, respectively. This includes some Gemini executives such as the chief operating officer and the co-head of the exchange’s NFT platform.ĭecisions about cutting personnel costs in half were made by Pravit Tiwana, a former Amazon Web Services executive hired as chief technology officer in January 2022.Īccording to Kaiko‘s data, volumes generated by Gemini from January to April this year were down 46% from those recorded during the September-December period of 2022. In particular, about 500 employees have been cut off since the bear market began, half from a peak of nearly 1,000 in 2021. With the prolonged decline in market prices and volumes on exchanges at multi-year lows, Gemini is no longer profitable and has been forced to lay off some staff to stay afloat. The Winklevoss brothers, who back in 2011 sued Facebook for intellectual property infringement earning a $65 million settlement, now risk shutting down their cryptocurrency exchange company. Gemini, a well-known crypto exchange run by the Winklevoss twin brothers, is facing a turbulent period that threatens to bring the company’s finances to their knees. ![]() The crypto exchange of the Winklevoss brothers fires 50% of staff during bear market
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