Gemini’s business situation reportedly has become quite dire. According to ChainCatcher’s report, the crypto exchange saw its market capitalization drop by more than 50% last year, and it also carried out an additional large-scale restructuring that involved a 30% layoff.

What’s especially noteworthy is that the founders, Tyler Winklevoss and Cameron Winklevoss, are reportedly considering whether to grant the loans they extended to the company—amounting to several hundred million dollars—repayment forgiveness or to convert the debt into equity. In other words, the brothers are reportedly at odds over how to handle the loans they provided.

As of the end of last year, Gemini’s outstanding unpaid amount was 4,619 BTC. Based on current prices, that comes to more than $330 million. In addition, in last year’s financial results, the company recorded a loss of $585.0 million, underscoring just how serious the situation is.

On top of that, plans are also in place to withdraw from the UK, EU, and Australian markets, and multiple members of management have already stepped down. The Winklevoss brothers currently hold a majority of the voting rights, but it has not yet been made clear whether they support this debt-conversion proposal.

With the entire industry in a period of adjustment, it’s interesting to see such management challenges emerging even at major exchanges. It’s worth watching how the market will respond.