Genesis Crypto Lays off 20% Workforce – 52 Employees

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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