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.