Crypto lending platform Genesis Global Trading has reportedly cut its workforce by 30%, marking the second round in six months.
According to the Wall Street Journal on Jan. 5, Genesis hasreduceEmployees are down 30% after the platform suffered lending losses to Alameda Research and Three Arrows Capital, an update for clients Jan. 4 showed.said The company plans to reduce additional costs as part of its business plan.
“As we continue to face unprecedented industry challenges, Genesis has made the difficult decision to reduce our workforce globally,” a company spokesperson said. “These measures are part of our ongoing efforts to move our business forward.”
Earlier in August, Genesis also announced that it plans to cut 260 employees, by 20%, to cut costs. CEO Michael Moro also said he would step down as a leader and move into consultancy.
The platform halted withdrawals and suspended new loans in November, citing “precedent market turmoil.” At the time, Three Arrows Capital filed for bankruptcy amid a bear market in 2022, while Alameda was part of the filing. FTX Group’s Chapter 11 in November – and Genesis have demanded multi-billion dollar loans back from both companies.
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