Published 1 year ago

Crypto Lender Genesis Considers Bankruptcy, Lays Off 30% of Staff

Summary by Ground News

Massive crypto lender Genesis Global Trading Inc. laid off 30% of its staff and is considering filing for bankruptcy, according to people familiar with the matter, the latest sign of financial turmoil at the crypto lender.

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Reuters

Crypto lender Genesis lays off 30% of staff

Cryptocurrency firm Genesis has cut 30% of its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter, as pressure builds on crypto industry executives to cut costs in the wake of a downturn.

1 year ago·United Kingdom

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CNBC

Crypto lender Genesis Trading lays off 30% of workforce

Barry Silbert's Genesis Trading reduced headcount by 30%, or 60 jobs, as the crypto lender fends off a potential bankruptcy filing after the collapse of FTX.

1 year ago·United States

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Channel News Asia

Crypto lender Genesis lays off 30% of staff: Report

Cryptocurrency firm Genesis has cut 30 per cent of its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter, as pressure builds on crypto industry executives to cut costs in the wake of a downturn. Several firms have suffered from waning investor ap

1 year ago·Singapore

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Benzinga

Genesis Billionaire-Backed Crypto Lender Axes 30% Of Jobs Months After Laying Off 20% Of Staff - GRAYSCALE ETHRM TR ETH by Grayscale Ethereum Trust (ETH) (OTC:ETHE)

As the crypto lending industry faces increasing financial pressure, Genesis Trading, a subsidiary of Digital Currency Group (DCG), announced a 30% reduction in its workforce, as reported by CNBC. The move followed the layoff of 20% of Genesis staff last year and the replacement of its CEO. The total number of job cuts now stands at 145. What Happened: The decision came after Genesis hired bankruptcy professionals following the collapse of FTX a…

1 year ago·New York, United States

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Financial Post

Crypto lender Genesis lays off 30% of staff

Cryptocurrency firm Genesis has cut 30% of its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter,…

1 year ago·Canada

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