The Facebook-famous billionaires seem thrilled about the launch of their band Mars Junction. Former employees are not so happy.
Last fall, Gemini—which declined to comment for this story— raised $400 million from its first outside investment, and theYet even those numbers weren’t enough to prevent layoffs.
Four days later, the company was sued again—this time by one of its trading partners, the crypto retirement provider IRA Financial Trust. The company claimed Gemini’s insufficient security protocols were to blame for a $37 million security breach of many IRA Financial customers’ accounts on Feb. 8. Gemini rejected the allegations in the lawsuit, saying its security standards were “among the highest in the industry.” The company is currently trying to force the suit into arbitration.
The volatility of the crypto markets made for an excitable workplace. “You could definitely tell that people’s moods there were determined [by] the price of bitcoin,” said Harrison Leggio, a software engineer who left Gemini in 2021 and liked working there. “We had screens around the office with graphs of prices and stuff. When bitcoin was booming, people were super hype.”
Starting in 2020, as the price of bitcoin recovered from a major price collapse, known as a “crypto winter,” Gemini accelerated its hiring plans, former employees said. “I think the management was very young, [with a] kind of a finance-bro kind of mentality,” the former employee said. “I think leadership really was just kind of walking around like a bunch of chickens with their heads cut off.”
Current employees have vented their frustration on Blind, a social app that allows employees to anonymously review their companies.
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