Crypto Broker Genesis Cutting 20% of Workforce as CEO Michael Moro Exits

Genesis CEO Michael Moro is stepping down as the company slashes 20% of its 260-person workforce following major losses tied to the collapse of Three Arrows Capital earlier this summer, reports Bloomberg.

• Genesis – owned by Digital Currency Group, which is also the parent of CoinDesk – filed a $1.2 billion claim against failed crypto hedge fund Three Arrows Capital in July.
• Current COO Derar Islim is replacing Moro on an interim basis as the company searches for a permanent replacement.
• “The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future,” Islim in a statement.