The leading institutional trading firm Genesis Trading announced that it slashed its workforce by 20%. According to a Genesis spokesperson, the company employed close to 260 individuals before the layoffs.
During the 2021 crypto boom, Genesis boosted its book dramatically. The company increased headcount by 22% to 170 employees. By mid-2022, that number had swelled to 260. A cut of 20% equates to the loss of about 52 jobs.
Along with cutting off jobs, Derar Islim, the COO of Genesis Trading, is appointed as the interim CEO of the company. Islim succeeds Michael Moro, who is leaving his position as CEO.
Many firms have not been spared by the crypto winter, and last month it was found that the bankrupt 3AC owed creditors $3.5 billion, including $2.36 billion to Genesis.