Crypto World
Nigel Farage Cameo Videos Exploited to Promote Pump and Dump Crypto Scams
Nigel Farage has been unknowingly shilling crypto pump and dump schemes. And it only cost scammers £72 a video.
Fraudsters exploited his Cameo profile to purchase personalized clips where Farage read scripts packed with crypto slogans. “To the moon.” “HODL.” Token names dropped in casually. All repurposed as official endorsements for obscure cryptocurrencies that have since collapsed to zero.
Farage charges around £72 per video. He appeared to read the scripts without verifying what he was actually promoting. Retail investors got lured in. The tokens dumped. The Reform UK leader had no idea he was the marketing engine the whole time.
- Scammers paid Nigel Farage for Cameo clips to promote dubious tokens like “Stonks Finance” and “Faragecoin.”
- The endorsed tokens followed a classic pump and dump pattern, crashing shortly after the videos circulated.
- Regulatory loopholes on platforms like Cameo are creating new risks for retail investor protection.
The Tokens Farage Plugged Have One Thing in Common: They Crashed
The Guardian investigation named the tokens. Stonks Finance. NIG Finance. Trump Mania. Faragecoin.
The playbook was identical every time. Video gets posted on X and Telegram alongside claims that Farage “knows what’s up.” Retail buyers pile in. Token spikes. Insiders dump their holdings. Price collapses to near zero. Late buyers absorb all the losses.
One Stonks Finance video alone triggered a brief speculative frenzy before the inevitable crash.
The damage for retail investors has been severe. The tokens are unregulated. The promoters are anonymous. Recovering funds is basically impossible. And the Cameo clips gave these projects just enough legitimacy to bypass the usual red flags most investors would catch.
Farage Has Not Claimed the Videos Were Financial Advice — But That Was Exactly How They Were Used
Farage has publicly positioned himself as a crypto advocate, citing his debanking experience as a reason for supporting Bitcoin as an anti-authoritarian tool. But the tokens in these videos have nothing to do with Bitcoin.
Whether Farage knew his clips were being used for financial promotion is still unclear. The line between a personal shout-out and a commercial endorsement is deliberately blurry on platforms like Cameo. That grey area is exactly what scammers exploit. He has not publicly addressed the allegations. The videos are still out there.
Regulators are struggling to keep up. The FCA and SEC have strict rules for financial promotions but personalized video content sits in a legal grey zone that enforcement consistently lags behind. ]
The market outcome is already settled. The tokens collapsed. The liquidity is gone. Investors learned an expensive lesson. A paid Cameo clip is not due diligence.
Discover: The best new crypto in the world
The post Nigel Farage Cameo Videos Exploited to Promote Pump and Dump Crypto Scams appeared first on Cryptonews.
Gemini has been hit with a proposed class action in New York for allegedly misleading investors during and after the crypto exchange’s September initial public offering.
The class action lawsuit filed by shareholders on Thursday in a Manhattan federal court against Gemini, its co-founders Tyler and Cameron Winklevoss, and company executives, claims they made misleading statements in the company’s IPO documents.
Plaintiff Marc Methvin claimed that the documents portrayed Gemini as a growing crypto exchange focused on expanding its user base and international footprint, but made an “abrupt corporate pivot to a prediction-market-centric business model.”
Gemini held its IPO in September, floating its shares at $28 on the Nasdaq. The stock briefly tapped $40 but has since fallen by more than 80% to trade at around $6 on Thursday.
The plaintiffs are seeking a jury trial and damages as compensation for investors who bought shares at what the complaint claimed were “artificially inflated prices” shortly after the IPO.
Prediction market pivot caused stock drop, say shareholders
According to the complaint, in November, Gemini executives publicly touted its international expansion progress, stating the company was committed to extending into “key global markets.”
The lawsuit said Gemini IPO documents described the exchange as its “core product.” However, in early February, the Winklevoss brothers announced a pivot to prediction markets called “Gemini 2.0.”
The firm also announced that it would cut 25% of its workforce and exit the EU, UK, and Australian markets.
Related: Gemini post-IPO shakeup sees exit of three top executives
Later that month, the company’s chief financial officer, chief operations officer, and chief legal officer all departed as the firm reported increased operating expenses of around 40%, according to the lawsuit.
The complaint claimed that as a result of these changes, the class group had seen “significant losses and damages” as Gemini’s stock price dropped to an all-time low of $5.82 by February 20.
Gemini reported on Thursday that its Q4 revenues rose 39% year-on-year to $60.3 million, beating analyst expectations of $51.7 million.
Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?
US authorities say the co-founder of Super Micro Computer, Inc. has been charged and arrested over an alleged multi-billion dollar scheme to smuggle advanced artificial intelligence chips from the US to China.
The Justice Department said in a statement on Thursday that it had unsealed an indictment charging Yih-Shyan “Wally” Liaw, as well as Super Micro sales executives Ruei-Tsang “Steven” Chang, and Ting-Wei “Willy” Sun over the alleged conspiracy.
Prosecutors said the trio violated US export control laws by conspiring “to sell billions of dollars’ worth of servers integrating sensitive, controlled graphic processing units to buyers in China.”
Super Micro, which was not charged, is a $18.5 billion California-based tech company specializing in high-performance server and data center hardware for large-scale companies such as IBM. Its infrastructure partners include firms like Nvidia and Google.
The Justice Department said the alleged scheme involved the trio using a range of concealment techniques to hide the sale of around $2.5 billion worth of servers to a company in China across 2024 and 2025, with $510 million worth of sales occurring between April and May 2025 alone.
“These defendants allegedly fabricated documents, staged bogus equipment to pass audit inventories, and used a pass-through company to conceal their misconduct and true clientele list,” said James Barnacle, Jr., FBI assistant director in charge of the New York Field Office.
Liaw and Sun have been arrested and will stand before a judge in the Northern District of California. Meanwhile, the Justice Department said that Chang, a Taiwanese citizen based outside the US, “remains a fugitive.”
Super Micro stock dives, company says it’s cooperating
In a statement shared with Cointelegraph, Super Micro distanced itself from the trio and labeled the alleged actions as a “contravention of the Company’s policies and compliance controls.”
Related: DOJ and Europol take down SocksEscort network tied to crypto fraud
“The company has been cooperating fully with the government’s investigation and will continue to do so. Supermicro has not been named as a defendant in the indictment,” a company spokesperson said.
Super Micro’s stock had initially gained during regular trading hours on Thursday. Following the Justice Department’s announcement, the stock has since dropped 13.25% to $26.71 in after-hours trading.
Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?
Bitcoin and the wider crypto market saw a notable price bounce on Friday after major economies announced joint efforts to boost oil supplies through the now-disrupted Strait of Hormuz.
BTC, the largest cryptocurrency, jumped to $70,800, up more than 1% on the day, extending its recovery from overnight lows under $68,900, according to CoinDesk data. Other major coins, including ether (ETH), XRP (XRP), and solana (SOL), saw smaller gains of less than 1%, lagging behind bitcoin.
West Texas Intermediate (WTI) crude fell nearly 2% to $93.80, alongside similar losses in Brent, after Britain, France, Germany, Italy, the Netherlands, and Japan said they would take steps to stabilize energy markets and join collaborative efforts to ensure safe passage through the Strait of Hormuz. In a joint statement issued by the U.K. Prime Minister Keir Starmer’s office, leaders of these nations condemned the attacks by Iran and urged it to halt its actions immediately.
On Thursday, U.S. Treasury Secretary Scott Bessent said the U.S. may soon remove sanctions from Iranian oil tankers and could release crude from its Strategic Petroleum Reserve.
With the Federal Reserve expressing heightened uncertainty on growth and inflation outlooks earlier this week, traders have scaled back expectations for Fed rate cuts. That has left crypto and traditional risk assets largely at the mercy of oil price swings.
The latest drop in oil, though positive, doesn’t end the uncertainty, as military conflict in the Middle East continues. WTI remains near recent support at $92.00, still significantly above pre-war valuations.
“For now, WTI crude continues to hold what appears to be an increasingly important area of support. That level aligns well with prior highs and the short-term trend. As long as oil holds that support and the trend continues higher, it will likely maintain an upward bias,” Mott Capital Management said in an email to its subscribers.
The firm added that positioning in the oil options market suggests higher levels are possible.
Another market that bitcoin traders might want to watch is the S&P 500, Wall Street’s benchmark equity index.
The index closed below its pivotal 200-day simple moving average (SMA) on Thursday – the first such instance since May last year – signaling a bearish shift in momentum. A potential strengthening of risk aversion in stocks could spill over into crypto and the wider financial markets.
TLDR:
- The Fed now projects only one rate cut for 2026, leaving Bitcoin and risk assets with limited near-term relief.
- Inflation forecasts have been revised upward to 2.7% for 2026, driven partly by rising oil and natural gas prices.
- The U.S. 30-year treasury yield is approaching 5%, raising the cost of capital and tightening global liquidity.
- Bitcoin remains caught between its identity as a store of value and a speculative asset in uncertain macro conditions.
Bitcoin continues to face mounting pressure as macroeconomic conditions grow increasingly unfavorable. The Federal Reserve’s hawkish stance, sticky inflation, and rising treasury yields are tightening global liquidity conditions.
With only one rate cut now projected for 2026, risk assets are finding it harder to attract fresh capital. Meanwhile, geopolitical tensions between the U.S. and Iran are adding upward pressure on energy prices.
This mix of factors is reshaping investor sentiment and pushing capital toward safer, higher-yielding assets.
Fed’s Hawkish Tone Puts Bitcoin Under Pressure
Federal Reserve Chair Jerome Powell recently delivered a hawkish tone on the broader economic outlook. The central bank now projects only one rate cut for 2026.
The dot plot remains unchanged for now, offering little immediate relief for risk-sensitive markets. Powell did not explicitly raise the possibility of rate hikes, but that scenario has not been fully ruled out.
Inflation remains the central issue driving the Fed’s restrained approach to monetary policy. Projections have been revised upward to 2.7% for 2026, reflecting persistent price pressures across the economy.
The Fed expects further inflationary stress, partly tied to rising oil and natural gas prices. Ongoing tensions between the U.S. and Iran are fueling much of that energy-related surge.
Crypto analyst Darkfost_Coc noted that the Fed cannot act decisively while inflation remains sticky. This restraint leaves Bitcoin and other risk assets in a difficult position.
Without rate relief, borrowing costs stay elevated and investor appetite for risk remains constrained across markets.
At the same time, early signs of weakness are beginning to surface in the labor market. Economic growth is also slowing at a measured but noticeable pace.
Together, these trends are bringing stagflation risks back into broader financial discussions. Such an environment has rarely favored speculative assets, and Bitcoin is no exception.
Rising Yields and a Stronger Dollar Limit Bitcoin’s Recovery
As yields rise, the dollar is strengthening once again, creating a challenging backdrop for Bitcoin. This dynamic tends to tighten global liquidity and reduce capital flows toward higher-risk markets.
According to Darkfost_Coc, periods when the dollar and treasury yields become too strong consistently weigh on Bitcoin.
The U.S. 30-year yield is now approaching 5%, a key benchmark closely tied to mortgage lending. The 10-year yield is hovering near 4.30%, raising the overall cost of capital across markets. Higher borrowing costs make it more difficult to invest, finance operations, or take on leveraged positions.
If geopolitical tensions persist, elevated yields could attract large pools of capital seeking safer returns. Investors may shift funds into treasuries, which offer relatively attractive yields with minimal risk. This further drains the liquidity that would otherwise flow into risk assets like Bitcoin.
Bitcoin still struggles to clearly define its role within the broader global financial system. It continues to occupy an uncertain space between a store of value and a speculative asset.
Until that identity solidifies, the current macro environment will keep limiting its ability to draw sustained capital.
The FBI has issued a warning about a fake token on the Tron blockchain that is impersonating the agency to trick users in a crypto phishing scam.
Summary
- FBI warns of fake Tron tokens impersonating the agency and claiming wallets are under investigation.
- Users are directed to fraudulent websites demanding AML verification to avoid asset freezes.
- Token has reached at least 728 wallets, with some holding over $1 million in USDT.
FBI’s New York Field Office issued a message on Thursday warning that scammers were sending tokens to users to siphon personal information under the pretence that the recipient’s wallet was “under investigation.”
Recipients of the token are redirected to a website where they are asked to complete an anti money laundering verification online “to avoid a total block on your assets.”
“FBI New York encourages users of the Tron blockchain network to exercise caution if they encounter a token purported to be from the FBI,” the agency said, advising users not to provide “any identifying information to any website associated with such [a] token.”
The token also comes with warnings that a user could face “a total block” on their assets if they fail to clear the verification process.
Once on the malicious website, victims are told that “current sanctions” can be avoided if users immediately comply with the request.
Similar tactics are common across other phishing scams where bad actors prey on urgency to extract sensitive information.
Scammers may be targeting users who are concerned about potential regulatory scrutiny and fear enforcement action.
According to data from Tronscan, the token was sent to at least 728 digital wallets, and many of these wallets held more than $1 million in USDT.
Those who have already shared information have been urged to file a report with the FBI’s Internet Crime Complaint Center.
FBI developed their own crypto to bust scammers
While the FBI has confirmed that it has no involvement with the fake token, in the past, the agency developed a token to take down a market manipulation network.
As previously reported by crypto.news, the FBI launched NexFundAI during a sting called “Operation Token Mirrors.” The token was used to expose a wash trading ring involved in artificially inflating prices.
Meanwhile, phishing remains a consistent threat and has become one of the leading attack vectors in recent years, resulting in multi-million dollar losses across incidents.
US gaming lawyer Daniel Wallach says a Nevada state court-issued restraining order against Kalshi appears imminent, preventing it from offering sports-related contracts.
A federal appeals court has cleared Nevada state authorities to enforce a temporary restraining order on Kalshi to block its sports event contracts.
The Ninth Circuit Appeals Court on Thursday denied Kalshi’s emergency request to stay a lower court proceeding, meaning the case will be sent back to federal court and will allow Nevada’s regulators to take action.
Gaming lawyer Daniel Wallach said a temporary restraining order (TRO) against Kalshi now appears imminent, and added that it wouldn’t be able to operate in Nevada for at least 14 days until a preliminary injunction hearing is held:
“Since a TRO is not appealable under Nevada law, Kalshi would be required to exit the state in the interim.”
The Nevada Gaming Control Board sent Kalshi a cease-and-desist in March over its offering of sports event contracts, arguing they are unlicensed sports betting under Nevada law.
Kalshi has argued in court that its event contracts are under the sole federal jurisdiction of the Commodity Futures Trading Commission and any block on its event contracts would cause it “imminent harm.”
Prediction markets such as Kalshi and Polymarket have recently surged with weekly trading volumes now consistently exceeding $2 billion, according to Dune Analytics, which has also attracted increased scrutiny from lawmakers with concerns over insider trading and market manipulation.
Related: SEC interpretation on crypto laws ‘a beginning, not an end,‘ says Atkins
State regulators in Connecticut, New York, New Jersey and other states have also sought to take action over sports event contracts, with Kalshi and rival prediction market platforms Crypto.com, Polymarket and Coinbase in legal battles with multiple states.
Kalshi foresees conflict between courts
In a motion on March 13, Kalshi argued that letting Nevada proceed with its temporary restraining order while federal litigation is still pending creates a serious risk of conflicting rulings.
Kalshi said the courts could arrive at “exactly the opposite conclusion” as to whether federal commodities law preempts state gambling laws, adding that it could “create jurisdictional chaos.”
Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?
Gemini pushed through a better-than-expected fourth quarter even as the broader crypto market remained under pressure. The exchange reported revenue of $60.3 million for Q4, up 39% from a year earlier and ahead of consensus estimates of about $51.7 million. However, the company also posted a net loss of $140.8 million for the quarter, widening from a $27 million loss in the same period a year ago. For the full year, Gemini’s loss totaled $585 million in 2025, compared with $156.6 million in 2024. The results come after the platform went public in September and amid a late-2025 crypto drawdown that saw Bitcoin slide from its peak above $126,000 in October.
Shares of Gemini initially moved higher in after-hours trading, climbing as much as 14% to a high of $6.83 before settling around $6.36, for a gain of roughly 6% on the session. The day’s action mirrored the market’s mixed reception to a growth-focused quarter that delivered a revenue win but did not escape the ongoing profitability challenge for many crypto incumbents.
Key takeaways
- Gemini’s Q4 revenue of $60.3 million rose 39% year over year and beat estimates of about $51.7 million, signaling business momentum even as trading volumes cooled.
- The quarter produced a net loss of $140.8 million, deepening from a $27 million loss a year earlier; the company’s 2025 loss reached $585 million, higher than 2024’s $156.6 million.
- Management cited deliberate fee-structure optimization and other efficiency measures as drivers of revenue growth, even with a softer trading environment.
- Gemini is accelerating a strategic shift toward a markets-focused organization, highlighted by the launch of Gemini Predictions across all 50 states and a plan to leverage that infrastructure for perpetual futures once approved in the U.S.
Strategic ambitions sharpen as cost discipline takes center stage
In a February update, Gemini said it was trimming its workforce by roughly 30% since the start of 2026, citing challenging market conditions. The leadership framing this downsizing as part of a broader pivot toward a more AI-driven, efficiency-first operating model. Co-founders Cameron and Tyler Winklevoss highlighted a rapid integration of artificial intelligence into the development process, noting that AI is now used in more than 40% of production code changes and is expected to rise significantly in the near term. “Not using AI at Gemini will soon be the equivalent of showing up to work with a typewriter instead of a laptop,” they wrote in a shareholder letter.
The Winklevoss duo signaled a clear pivot toward a U.S.-centric growth strategy, underscoring optimism about a pro-crypto regulatory environment in the United States. They stressed that 2026 would be about focusing and expanding in America, aligning with a broader investor interest in platforms that can scale within clearer regulatory boundaries.
From trading floors to markets infrastructure: Predictions and futures ambitions
Gemini has been building out its markets-oriented toolkit, most notably with Gemini Predictions. The platform rolled out its in-house prediction market across all 50 states in December, shortly after obtaining a license from the Commodity Futures Trading Commission. The company described its longer-term plan as turning Gemini into a “markets company” anchored by predictions, with the potential to extend that framework to perpetual futures contracts once U.S. approval is secured.
The December launch followed a prior line of coverage noting Gemini’s broader ambition to expand beyond traditional exchange functions into more complex financial primitives. As part of the 2026 roadmap, the company intends to refine and grow Predictions while simultaneously scaling its credit card program and exchange services, tapping into a more diversified revenue mix that could help weather ongoing volatility in crypto trading volumes. In evaluating the strategic path, investors will also be watching how regulatory feedback in the U.S. shapes the pace of approvals for new product categories, including perpetual futures.
These plans come against the backdrop of a February update that confirmed Gemini’s withdrawal from the U.K., the EU and Australia, a move the company attributed to tougher market conditions. The leadership’s stated aim is to “focus and double down on America,” a stance that aligns with the firm’s renewed investment in U.S.-based market infrastructure and its growing bets on a more favorable regulatory climate for crypto innovation.
The company’s quarterly results reflect a broader pattern among newer, publicly traded crypto platforms: revenue growth can outpace trading volumes due to fee-structure optimization, product diversification and active expansion into non-trading monetization streams. Gemini’s fourth-quarter performance—driven by its credit card program and pricing strategy—offers a data point suggesting that meaningful upside can still emerge even amid a subdued price cycle. The question for investors now is whether the path to profitability can be accelerated through AI-enabled efficiency gains and a clearer, U.S.-centered growth engine, supported by product bets in prediction markets and, potentially, regulated futures.
According to the company’s investor materials, the Q4 results marked the highest quarterly revenue in three years, reflecting the impact of the revised fee structure through the back half of 2025 and a push into more monetizable products. The combination of revenue resilience and continued investment in AI-driven scale positions Gemini as a case study in how crypto platforms seek to balance growth with cost discipline during a protracted market downturn.
For investors and builders watching the sector, the key takeaway is that 2026 could hinge on how quickly Gemini translates its market infrastructure into sustainable profitability, the pace at which U.S. regulators greenlight broader product suites, and how effectively the firm scales non-trading revenue streams, like predictions markets and card programs, in a regulated environment.
Readers should keep an eye on next-quarter earnings and regulatory developments that could determine the speed at which Gemini completes its shift toward a broader markets-facing business model while continuing to nurture its consumer-facing products.
Morgan Stanley wants its planned spot bitcoin ETF to trade under the ticker MSBT when it debuts.
The investment bank disclosed the ticker in its latest filing with the U.S. Securities and Exchange Commission (SEC), amending its January application for the fund.
The filing also revealed key fund details, which include a 10,000-share creation unit required to build the ETF, and a planned $1 million seed investment, or the initial money used to start the fund. The investment bank bought two shares early this month for audit purposes, it added.
According to an earlier filing, BNY Mellon has been designated to handle the fund’s cash and administrative functions, while Coinbase will serve as prime broker and custodian of its Bitcoin holdings.
Morgan Stanley’s move underscores Wall Street’s growing push into crypto, as established banks and custodians work to make bitcoin more accessible to mainstream investors.
If approved, the Morgan Stanley ETF would let investors get exposure to bitcoin without owning it, joining 11 other spot ETFs, including BlackRock’s IBIT, that have been active since January 2024. Those funds have already attracted over $56 billion in investor inflows.
The investment bank also filed an application for a Solana ETF alongside bitcoin earlier this year, but it has yet to submit any updates for that fund.
The major gold trade association, World Gold Council, and the Boston Consulting Group have proposed a new platform to modernize how the precious metal operates in digital financial systems.
The World Gold Council said on Thursday that it published a white paper on “Gold as a Service,” a new platform to “support the issuance and operation of scalable, interoperable digital gold products.”
The open platform would connect the physical custody of gold with the digital systems used to issue and manage tokenized gold products.
“By standardizing essential market processes such as custody coordination, reconciliation, compliance, and redemption, the model aims to reduce operational complexity, improve access, and enable greater consistency across digital gold products,” the World Gold Council said.
Crypto-native tokenized gold products include Tether Gold (XAUT) or Pax Gold (PAXG), which have formed their own custody, compliance and redemption models, but the World Gold Council’s standard could have more sway with institutions due to the trade group’s prominence.
Features include audits, fungibility, and liquidity
Key features of the Gold as a Service would include standardizing tokenized gold issuance and management, increasing digital gold’s fungibility, embedding audits and assurance, enabling interoperability with existing finance rails, and improving liquidity in lending and borrowing markets.
World Gold Council CEO, David Tait, said that financial services are undergoing a “rapid and pervasive digital transformation” and gold must also evolve to maintain its role in the global financial system.
“Shared infrastructure can help gold become more accessible, more easily traded and fully integrated into modern financial systems — ensuring it remains as relevant tomorrow as it has been for millennia,” he added.
Related: Retail tripled gold buying in last 6 months as Wall Street sells
Matthias Tauber, a managing director and senior partner at Boston Consulting Group, said, “The question is no longer whether gold will be digital; it’s how it can participate in modern financial systems without compromising physical integrity.”
Commodities are 20% of tokenized asset market
According to RWA.xyz, tokenized commodities such as gold account for around $5.5 billion, or 20% of the total on-chain value of tokenized real-world assets, a segment that has grown by 340% over the past 12 months, as demand for gold has skyrocketed.
Tether’s tokenized gold product has a market capitalization of $2.6 billion, up 17% over the past 12 months, while Pax Gold has a market cap of $2.3 billion, according to CoinGecko.
On Thursday, crypto exchange Bybit launched a yield-bearing tokenized gold product that lets users earn interest on Tether Gold.
Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?
Shares in crypto exchange Gemini surged after hours as stronger-than-expected fourth-quarter results showed revenue growth driven by credit card adoption and a reworked fee structure.
Gemini reported on Thursday that its Q4 revenues rose 39% from the year-ago quarter to $60.3 million, reportedly beating analyst expectations of $51.7 million.
It reported a net loss of $140.8 million for Q4, deepening from its $27 million loss from a year ago. Gemini posted a total 2025 loss of $585 million, ahead of its total 2024 losses of $156.6 million.
Gemini co-founders Cameron and Tyler Winklevoss said in a shareholder letter that Q4 was the company’s highest quarterly revenue in three years, even with trading volumes declining, the revenue gain was reflective of “deliberate fee structure work through the back half of the year.”
Shares in Gemini (GEMI) initially jumped 14% after hours on Thursday to a high of $6.83, but settled at $6.36 for a gain of 5.8% after ending the trading day flat at around $6.
The results are Gemini’s second after going public in September and came amid a broad crypto market decline in late 2025, which saw Bitcoin (BTC) rapidly decline from its all-time peak above $126,000 in October.
Gemini lays off 30% of staff so far this year
In February, Gemini said it was withdrawing from the UK, the EU and Australia, citing challenging market conditions. The company also planned to lay off 25% of its workforce, in part due to artificial intelligence.
In their letter, Cameron and Tyler Winklevoss said Gemini had reduced its workforce by “roughly 30% since the start of 2026,” citing an increased use of AI.
“Today, AI is used in more than 40% of our production code changes and we expect that number to climb to close to 100% in the not-too-distant future,” they said. “Not using AI at Gemini will soon be the equivalent of showing up to work with a typewriter instead of a laptop.”
The Winklevoss brothers said the company’s plan this year was to “focus and double down on America,” adding they were encouraged by the pro-crypto stance of US market regulators.
Prediction markets and credit card key 2026 priorities
Gemini launched its in-house prediction market, Gemini Predictions, across all 50 US states in December, shortly after it obtained a license from the Commodity Futures Trading Commission.
Related: Gemini bets on ‘super app’ as stock sinks to record low on Q3 results
The company said it would refine and expand its prediction market offering and also scale its credit card and exchange.
The Winklevoss brothers said Gemini would “shift into becoming a markets company with Gemini Predictions” and use that infrastructure for its perpetual futures contracts once they’re approved in the US.
Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?
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