Genesis Cuts 20% of Workforce as CEO Michael Moro Exits

Significant leadership changes are underway at Genesis Global Trading. In a move reflecting recent challenges in the crypto market, Genesis is cutting 20% of its workforce, a reduction impacting approximately 52 employees. This restructuring coincides with the departure of CEO Michael Moro.

Michael Moro has left his role as the CEO of beleaguered crypto broker Genesis. His exit was announced alongside the 20% workforce reduction, signaling a strategic shift within the company. The CEO of institutional crypto brokerage firm Genesis Global Trading, Michael Moro, will step down from his leadership position while the company is planning to cut costs.

Genesis Trading on Genesis Chief Executive Officer Michael Moro is stepping down as part of a leadership shuffle. This follows a period of difficulty for the crypto brokerage, notably after losing money from loans to bankrupt hedge fund Three Arrows Capital. The impact of these losses has seemingly led to the current restructuring.

Some Genesis disclosed that its CEO Michael Moro is stepping down, and the firm is slashing 20% of its 260-person workforce. The cut of 20% equates to the loss of around 52 jobs, marking a significant downsizing effort. The future direction of Genesis under new leadership will be closely watched by the crypto industry.

The company faces the challenge of navigating a volatile market and rebuilding confidence after recent events. Genesis CEO Michael Moro is leaving at a critical juncture for the firm. The decision to reduce the workforce reflects a broader trend of cost-cutting measures within the crypto sector as companies adapt to changing market conditions.