Genesis sacks 30% of workers

Beleaguered crypto lender Genesis sacked 30% of its workers on Jan. 5, The Wall Street Journal reported citing people familiar with the matter.

Genesis previously laid off 20% of its workforce in August 2022, citing market conditions.

In a Jan. 4 statement, the embattled lender’s CEO Derar Islim gave hints about this new development. Islim wrote that Genesis was “reducing costs and driving efficiencies” in all of its businesses.

Islim also said the firm was committed to resolving its financial issues. According to him, the firm was “moving as quickly as possible” and was involved in a “very complex process that will take some additional time.”

Following FTX’s collapse, Genesis suspended withdrawals for its clients. One of these clients was Gemini Earn which had $900 million on the platform.

Gemini co-founder Cameron Winklevoss gave DCG’s CEO Barry Silbert a Jan. 8 deadline to resolve the issues.

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