The Winklevoss twins' Gemini crypto exchange is reportedly cutting 10% of staff amid wider market downturn

The business run by the Winklevoss twins is cutting 10% of its staff due to a downturn in trading activity.

This is the first job cuts at a private company. According to the report, there are about 1,000 people on the list.

"This is where we are now, in the contraction phase that is settling into a period of stasis - what our industry refers to as 'crypto winter'," the Winklevoss brothers wrote in a Thursday memo. The current macroeconomic and geopolitics have compounded this. We are not the only ones.

There was a long period of time when prices crashed and struggled to recover.

Since hitting highs in November, the value of the broader market has fallen to around $1 trillion. The price of the virtual currency fell to $30,000 on Thursday.

The company raised $400 million in a round that valued it at $7.1 billion, according to a report.