Genesis laid off 30% of its staff Thursday, according to people familiar with the matter, the latest sign of financial turmoil at the crypto lender
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.Genesis is working with investment bank& Co. to evaluate its options for the future, including a potential chapter 11 filing, said some of the people.
A Genesis spokeswoman said that the firm is working with its advisers “to preserve client assets and move the business forward.”The crypto lender has become the latest digital asset firm to struggle for survival. Last year was marked byas the Federal Reserve boosted interest rates, deflating the most speculative investments. Blowups in the little-regulated sector trickled down to other companies, demonstrating the interconnectedness of the nascent industry.
Genesis suffered steep losses from loans it supplied to the now-defunct trading firm Alameda Research and crypto hedge fund Three Arrows Capital. Both Alameda and Three Arrows“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our head count globally. These measures are part of our ongoing efforts to move our business forward,” a spokeswoman for Genesis said.
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