US-based crypto exchange and custodian Gemini said that it will lay off about 10% of its workforce to prepare for the “crypto winter.”

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The firm, led by billionaire twins Cameron and Tyler Winklevoss, announced the move in a blog post on Thursday. Gemini has not disclosed the number of employees fired, but according to its LinkedIn, over 1,000 people work at the company.

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The brothers stated they believe the “crypto revolution” is well underway but said that its current trajectory has forced them to cut down the size of their workforce until the crypto market settles down to “a new equilibrium that is higher than before.”

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“We have asked team leaders to ensure that they are focused only on products that are critical to our mission and assess whether their teams are right-sized for the current, turbulent market conditions that are likely to persist for some time,” they wrote. “After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”

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This announcement comes as the Commodity Futures Trading Commission (CFTC) is suing Gemini on allegations that between July and December 2017, the exchange’s staff omitted “material facts” and untrue information to the federal regulator in connection with a futures product certification.

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