Cryptocurrencies
Genesis CEO Steps Down as Crypto Broker Slashes Its Workforce
- COO Derar Islim to be interim chief as Michael Moro exits
- 20% staff cut follows Three Arrows crisis, market downturn
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Genesis Chief Executive Officer Michael Moro is stepping down as part of a leadership shuffle after the crypto brokerage was stung by exposure to bankrupt hedge fund Three Arrows Capital and a broad market downturn.
The New York-based company also said it is eliminating 20% of its 260-person workforce to reduce costs, starting Wednesday.