Genesis Trading, an arm of Barry Silbert’s troubled Digital Currency Group, has slashed its workforce by a staggering 30% as part of efforts to remain afloat.
The conglomerate has faced a ton of bad business decisions and is on the brink of bankruptcy following mounting pressure from its creditors. A report from Wall Street Journal (WSJ) suggests the layoffs could be as high as 60 individuals, with insiders with knowledge of the matter noting the terminations cut across several departments.
In 2022, Genesis had already reduced its workforce by 20%, and at that time, the company stated that it “was not immune to the market drop and the damage to overall sentiment” in the virtual currency industry. It was revealed that the company had massive exposure to Three Arrows Capital (3AC) while its parent company DCG received its fair share of losses.