Summary:
- Michael Moro has left his role as CEO of the beleaguered cryptocurrency broker Genesis.
- Moro’s departure was announced along with a 20% cut in the company’s workforce.
- About 52 of the 260 employees are expected to leave Genesis starting Wednesday.
- Chief Operating Officer Derar Islim has been appointed interim CEO as part of an ongoing restructuring plan.
- The cryptocurrency broker previously disclosed its exposure to Three Arrows Capital and filed a $ 1.2 billion claim against the cryptocurrency hedge fund.
Cryptocurrency brokerage service Genesis has announced the departure of CEO Michael Moro as the firm attempts to restructure and recover following exposure to troubled hedge fund Three Arrows Capital and a significant dip in the digital asset market.
Moro’s departure was accompanied by a reduction in the number of company employees, according to an official press release on Wednesday. As of press time, the cryptocurrency broker boasts a workforce of 260 employees. About 52 employees, 20% of the total workforce, are expected to leave the company starting today.
Genesis trading was launched as a cryptocurrency broker under the Digital Currency Group in 2013. The service is credited with opening the first over-the-counter bitcoin trading department in the United States.
In addition to Moro’s departure and staff cuts, Genesis also announced new appointments in key areas of the company. Meanwhile, Chief Operating Officer Derar Islim has taken on the role of interim CEO.
The cryptocurrency broker has also named financial services expert Tom Conheeney as a senior advisor and board member.
Genesis filed a $ 1.2 billion claim against 3AC
As contagion spread to the cryptocurrency market following the Earth crash, Genesis revealed its exposure to the troubled cryptocurrency hedge fund Three Arrows Capital. After a liquidation court order was issued by a British Virgin Islands court, Genesis joined a list of claimants seeking redress from 3AC.
EthereumWorldNews reported that the crypto broker has submitted requests worth $ 1.2 billion. At the time of going to press, the liquidation procedures of 3AC are underway, led by the financial consultancy firm Teneo Restructuring.