Crypto lender Genesis lays off 30% more staff: Report

Crypto lending platform Genesis Global Trading has reportedly cut 30% of its workforce in the second round of layouts in six months.

According to a Jan. 5 Wall Street Journal report, Genesis reduced its staff by 30% following the platform suffering losses from loans to Alameda Research and Three Arrows Capital. An update to its clients on Jan. 4 said the firm planned to reduce costs as part of its business plans.

“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,” a spokesperson told Cointelegraph. “These measures are part of our ongoing efforts to move our business forward.”

Genesis announced in August that it planned to cut its then 260-person workforce by 20% in an effort to eliminate costs. CEO Michael Moro also said he would be stepping down from leadership and moving into an advisory role.

The crypto lending firm halted withdrawals and suspended new loan originations in November, citing “unprecedented market turmoil” at the time. Three Arrows Capital went bankrupt amid the bear market in 2022, while Alameda was part of FTX Group’s Chapter 11 filing in November – Genesis has made claims of billions of dollars in loans from the two firms.

Related: Genesis Trading CEO confirms 3AC exposure, parent company helps plug losses

Voyager Digital was another firm reporting financial difficulties amid exposure to Three Arrows in 2022, with the company declaring bankruptcy in July. Binance.US announced plans to acquire the lending firm’s assets for more than $1 billion following the collapse of FTX US and its offer.

All Dutch and English crypto news!

Sri Lanka against Bitcoin adoption, rejects Draper’s anti-corruption pitch

On a recent visit to Sri Lanka, American billionaire Tim Draper pitched the idea of adopting Bitcoin (BTC) as a legal tender to fight against...

Dit zijn alle cryptobedrijven die zijn omgevallen… tot nu toe

Februari is voor cryptobegrippen rustig begonnen, er zijn (nog) geen faillissementen aangekondigd. Dat is fijn, zeker na zo'n turbulente periode waarin crypto exchanges, leenbedrijven en...

YouTuber baits MMA fighter into secretly shilling fake NFTs for $1K

Coffeezilla, a YouTuber and crypto investigator, revealed that American mixed martial artist Dillon Danis promoted a fake NFT project without disclosing that he received $1,000...

Little Shapes was a ‘social experiment’ to expose NFT botnets: founder

Atto, the pseudonymous founder behind Little Shapes NFT has revealed that the project was actually a "social experiment" designed to shed light on large-scale NFT...

Beste exchanges

Koop je crypto bij Bitvavo