Crypto Crash: 5 Biggest Losers

In this article, we discuss the 5 biggest losers in the cryptocurrency crash. If you want to read our detailed analysis of the cryptocurrency market and its current situation, go directly to Crypto Crash: 10 Biggest Losers.

5. Gemini

Gemini is a popular US-based crypto trading platform, founded by the Winklevoss twin brothers, who were colleagues of Facebook founder Mark Zuckerberg at Harvard University. Gemini was the first crypto-trading platform to be approved by the New York State Department of Financial Services (NYSDFS), which has the strictest cryptocurrency regulations in the United States. In 2019, Gemini acquired Nifty Gateway, a platform for non-fungible tokens (NFTs) which presents another booming space within the larger blockchain world.

Owing to the robust security protocols and market outreach of its platform, Gemini partnered with Samsung to integrate their Gemini mobile app with the Samsung Blockchain Wallet, bringing convenient crypto trading to millions of Samsung users in the United States and Canada.

But like most major platforms in the crypto space, Gemini recently announced a 10% reduction of its 1,000+ workforce in order to adapt to the present times. The Winklevoss brothers stated in a blog post on June 2 that the crypto industry had entered a contraction phase known as “crypto winter,” which stands further compounded by the effects of the current macro outlook.