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- Recently, the crypto exchange firm ‘Celsius Network’ laid off 10% of its employees
- This is because the industry globally has faced a severe bear market crisis.
- The founders of Three Arrows Capital suspiciously fled and went missing.
Gemini’s Lay-Off
Crypto Exchange Gemini has been under the radar of news websites for quite a while now, and why not? Recently, the firm laid off 10% of its employees. When asked about the reason, they stated that it is due to some ‘turbulent market conditions. This is not the end! The crypto exchange has also started round- two of this laying-off scenario. According to sources, the number of laid-off employees has touched 7%.
If you think this is enough, hold on to your seats because the Gemini crypto exchange plans to lay off even more employees in round 3. It is not a secret that multiple crypto platforms have laid off many employees. This is because the industry globally has faced a severe bear market crisis. The huge losses left the companies with no option but to decrease their workforce. In the Biggest NFT market, Opensea’s CEO Devin Finzer also decided to lay off a whopping 20% of their team last week.
Wait, There’s More!
One of the projects that took a massive hit during this crypto winter is Celsius Network, a crypto lending firm that laid off 150 employees. When the water went above the neck, they filed for bankruptcy. This quarter has given the crypto market such a hard time that the two most famous crypto coins in the world, Bitcoin and Ethereum, crashed by around 70%.
At the same time, don’t forget about another hedge fund operating in the crypto markets called Three Arrows Capital, commonly referred to as 3AC. The founders of the mentioned firm suspiciously fled and went missing. Currently, the officials are searching for their whereabouts. 3AC has defaulted a total sum of $650 million. The loan provider was crypto exchange Voyager Digital which also went bankrupt.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
