Genesis slashes 30% of its staff as the embattled crypto firm's lending arm faces a liquidity crisis

Jan 5 2023 by Business Insider

 

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Genesis cut 30% of its staff as the firm's lending unit faces a liquidity crunch. The business development and sales teams were most impacted by the layoffs, a Genesis spokesperson told Insider.  Genesis Global Capital, the firm's lending arm, halted customer withdrawals in November after FTX collapsed. 

Genesis terminated 30% of its workforce on Thursday, bringing the embattled cryptocurrency firm to 145 employees, a company spokesperson told Insider. 

Layoffs were...

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