{"id":535788,"date":"2023-01-05T23:32:30","date_gmt":"2023-01-05T20:32:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-lender-genesis-lays-off-30-more-staff-report\/"},"modified":"2023-01-05T23:32:30","modified_gmt":"2023-01-05T20:32:30","slug":"crypto-lender-genesis-lays-off-30-more-staff-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-lender-genesis-lays-off-30-more-staff-report\/","title":{"rendered":"# Crypto lender Genesis lays off 30% more staff: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3500d08e67b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3500d08e67b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-lender-genesis-lays-off-30-more-staff-report\/#%E2%80%9D_Crypto_lender_Genesis_lays_off_30_more_staff_Report_%E2%80%9C\" >&#8221; Crypto lender Genesis lays off 30% more staff: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_lender_Genesis_lays_off_30_more_staff_Report_%E2%80%9C\"><\/span>&#8221; Crypto lender Genesis lays off 30% more staff: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvNzRhZDdhM2ItZTQ2NS00NDE0LTlkYWYtNmZjYTVlOTc1MDkyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ed77c39>Crypto lending platform Genesis Global Trading has reportedly cut 30% of its workforce in the second round of layouts in six months.<\/p>\n<p>According to a Jan. 5 Wall Street Journal report, Genesis <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/crypto-lender-genesis-lays-off-30-of-staff-11672939434\">reduced<\/a> its staff by 30% following the platform suffering losses from loans to Alameda Research and Three Arrows Capital. An update to its clients on Jan. 4 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/genesistrading.com\/updates\/genesis-global-capital-update-1-4-23\">said<\/a> the firm planned to reduce costs as part of its business plans.<\/p>\n<p>&#8220;As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,&#8221; a spokesperson told Cointelegraph. &#8220;These measures are part of our ongoing efforts to move our business forward.&#8221;<\/p>\n<p>Genesis announced in August that it planned to cut its then 260-person workforce by 20% in an effort to eliminate costs. CEO Michael Moro also said he would be stepping down from leadership and moving into an advisory role. <\/p>\n<p>The crypto lending firm halted withdrawals and suspended new loan originations in November, citing \u201cunprecedented market turmoil\u201d at the time. Three Arrows Capital went bankrupt amid the bear market in 2022, while Alameda was part of FTX Group\u2019s Chapter 11 filing in November \u2014 Genesis has made claims of billions of dollars in loans from the two firms. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Genesis Trading CEO confirms 3AC exposure, parent company helps plug losses<\/em><\/strong><\/p>\n<p>Voyager Digital was another firm reporting financial difficulties amid exposure to Three Arrows in 2022, with the company declaring bankruptcy in July. Binance.US announced plans to acquire the lending firm\u2019s assets for more than $1 billion following the collapse of FTX US and its offer.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-lender-genesis-lays-off-30-more-staff-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto lender Genesis lays off 30% more staff: Report &#8220; Crypto lending platform Genesis Global Trading has reportedly cut 30% of its workforce in the second round of layouts in six months. According to a Jan. 5 Wall Street Journal report, Genesis reduced its staff by 30% following the platform suffering losses from loans&#8230;<\/p>\n","protected":false},"author":1,"featured_media":535789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/74ad7a3b-e465-4414-9daf-6fca5e975092.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,77595,117],"class_list":["post-535788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-lending","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/535788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=535788"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/535788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/535789"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=535788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=535788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=535788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}