Just this Thursday, the cryptocurrency exchange Gemini, founded by the Silicon Valley legend the Winklevoss brothers, announced a shocking round of layoffs and a contraction plan. After a series of industry downturns, this once-proud crypto giant is now forced to hit the "strategic retreat" button.

The first and hardest hit is a massive layoff. The Gemini board has officially approved this global cost-cutting plan, which is expected to cut up to 200 employees. This is no small matter. According to internal estimates, this layoff involves about one-quarter of the company's workforce, with job cuts spanning teams in the US, Singapore, and the most affected European team.

More harshly, the company is also closing shops and pulling out entirely. Gemini has decided to adopt a "defensive crouch" strategy, announcing that it will completely terminate its operations in the UK, the EU, and the entire European region as well as Australia. This means that Gemini is retreating from a global expansionist ambition to become a regional trader, focusing only on its two core markets: the US and Singapore.

The logic behind this "amputating to survive" move is actually quite brutal. Although the Winklevoss brothers made a fortune from their lawsuit against Zuckerberg and then thrived in the crypto world, they are now feeling the pressure of continuous regulatory crackdowns and volatile market conditions. Even established exchanges are struggling to break even. Rather than being constantly battered in a stretched global market, it's better to focus resources on the areas where they still have an advantage and "survive".

For users in Europe and Australia who previously used Gemini, this is undoubtedly bad news; but for Gemini, this might be the only way to survive the next cycle and avoid complete collapse.