The CEO of Genesis is stepping down and the company is cutting 20% of its workforce.
The company said in a statement that Derar I Slim will be interim CEO while the company searches for a permanent replacement.
Barry Silbert is the founder of Digital Currency Group. Genesis was early in the market, launching the first over-the-countercryptocurrencies trading desk and later becoming a major lender.
Genesis increased its book during the boom. The company's loan originations more than doubled to $131 billion. The number went up to 260 by the middle of the 20th century. 52 jobs were lost due to a cut of 20%.
Firms that were tied to the prices of digital assets were wiped out by the rapid turn in the market. 3AC, a hedge fund, and two other companies filed for bankruptcy.
Genesis has weathered the storm better than other players, but it has suffered losses due to its exposure to 3AC. Genesis filed a claim against 3AC for breaching loans.
The company said in a report that Genesis was not immune to the market drop. Genesis was exposed to Three Arrows Capital. Genesis could continue to be a source of strength for our clients because our parent company assumed the liability for the losses on the loans.
Genesis said that Moro will stay on during the leadership transition. The company added new executives as risk officer, compliance officer, and technology officer.
Sam-Bankman- Fried has a portfolio that has losses.
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