Crypto broker Genesis has announced that it is cutting back staff by 20% and chief executive officer Michael Moro steps down.
According to reports by Bloomberg, the New York-based cryptocurrency broker Genesis is cutting back its staff by 20% as it battles the ongoing crypto winter. It was also announced that Genesis CEO Michael Moro is stepping down on Wednesday following major losses tied to the collapse of Three Arrows Capital (3AC). The company which is owned by Digital Currency Group (DCG), filed a $1.2 billion claim against the embattled 3AC in July. Genesis has however been able to mitigate losses after 3AC failed to meet a margin call according to Moro, adding that DCG has assumed some of the company’s liabilities. Genesis is the latest in the crypto world to be affected by the market downturn that has forced a number of high-profile firms to cut down on their workforce.
Moro is being replaced by current chief operating officer Derar Islim, who joined the company in 2020, on an interim basis as the company searches for Moro’s permanent replacement. The broker has also brought on former SAC Capital and Point72 Asset Manager President, Tom Coheeney, as a senior adviser and board member. In a statement, Islim said:
The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future.
Moro will continue to advise Genesis through the transition adding that the search for a full-time CEO has begun.
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