Gemini cryptocurrency exchange is still experiencing staffing issues. Now CTO Prajeet Tivana is leaving.
Tiwana served as chief technology officer at Gemini Trust Co. starting in 2022. Bloomberg writes about the dismissal citing sources familiar with the situation.
Reconstruction of Gemini, one of the reasons for the departure of the CTO
As the editors note, before joining Gemini, Pravjit Tivana worked as CEO of Amazon Web Services for six years. Having landed a position at the cryptocurrency exchange, he worked on restructuring its culture. According to former workers, all this led to the dismissal of some employees.
Tiwana's responsibilities included:
Control over products, engineering and design.
Development of the Indian division of the company.
Gemini CTO Departure: Staffing Difficulties
Earlier this year, Noah Perlman, who was the chief operating officer of the cryptocurrency exchange, left Gemini. The exact reason for this decision is unknown. However, the management changes began to come amid problems at Gemini Earn's credit division.
Around that time, it was also reported that the cryptocurrency exchange would lay off 10% of its employees due to the difficult market situation.
The company attempted to avoid layoffs but was hampered by “macroeconomic conditions and fraud,” according to president and co-founder Cameron Winklevoss.
The complicated relationship between Gemini and Genesis
The crypto exchange has been fighting crypto lender Genesis and its parent company Digital Currency Group (DCG) for months. Amid the FTX collapse, the cryptocurrency exchange went bankrupt and owed around $3.5 billion to its top 50 creditors.
As a result, the trading platform was also dragged into bankruptcy. Gemini was unable to pay funds to Earn account holders.
The crypto platform has also come under great pressure from regulators. The U.S. Securities and Exchange Commission (SEC) alleges that the Gemini Earn program offered traders unregistered securities.
In mid-October, the New York Attorney General filed a lawsuit against Gemini and DCG. Letitia James accused the companies of defrauding customers of $1.1 billion.\