The Information reported on Monday, citing an internal message, that cryptocurrency exchange Gemini is cutting 10% of its workforce in what is at least the third round of layoffs in the past eight months.

Gemini has come under fire recently as a result of a high-profile dispute involving cryptocurrency company Genesis over a product that the two businesses jointly offered. Gemini was founded by identical twins Cameron and Tyler Winklevoss, pioneers in the cryptocurrency industry and former American Olympic rowers.

The year 2023 is off to a tough start for the cryptocurrency industry, with big businesses like Coinbase Global Inc. slashing staff and Genesis Global Capital, the lending arm of Genesis, filing for bankruptcy.
In its bankruptcy petition from last week, Genesis stated that Gemini was its biggest creditor and that it owed them $765.9 million.

The crypto market was already under pressure from rising interest rates, but the collapse of FTX in November added to the strain and tarnished public opinion of the sector.

Two months after it stopped allowing customer withdrawals in the wake of Sam Bankman-FTX Fried's exchange collapsing, Genesis and two lending divisions filed for bankruptcy protection from creditors on January 19.

The filing came after the insolvencies of cryptocurrency lenders Celsius Network, Voyager Digital, and BlockFi since July of last year.

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