Genesis Crypto Lays off 20% Workforce – 52 Employees

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Crypto brokerage service Genesis announced the exit of CEO Michael Moro as the firm attempts to restructure and recover following exposure to troubled crypto hedge fund Three Arrows Capital and a significant downturn in the digital asset market.

Moro’s exit was accompanied by a cut in the company’s employee count, per an official press statement on Wednesday. At press time, the crypto broker boasts a workforce of 260 employees. About 52 members of staff, 20% of the total workforce,  are expected to leave the company starting today. 

  • Michael Moro has left his role as the CEO of beleaguered crypto broker Genesis.
  • Moro’s exit was announced alongside a 20% cut in the company’s workforce.
  • Some 52 employees out of 260 staff are expected to leave Genesis starting Wednesday.
  • Chief Operating Officer Derar Islim was appointed interim CEO as part of an ongoing restructuring plan.
  • The crypto broker previously disclosed its exposure to Three Arrows Capital and filed a $1.2 billion claim against the crypto hedge fund. 

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