Genesis Now Continues To Lay Off 30% Of Employees
- It is claimed that about 60 positions (30% of the staff) had been cut. Currently, the business employs about 145 people.
- DCG owes $1.675 billion to Gemini customers and other Genesis creditors.
According to a CNBC report, Genesis Trading has started a fresh wave of layoffs that would reduce its workforce by 30%, considering the mounting pressure from creditors and the impending risk of bankruptcy.
Last year, on August 17, Coincu reported Genesis Trading CEO Michael Moro will step down following the losses related to Three Arrows Capital, which in turn means 20% of its 260 workforces will also be laid off to restructure the company on a large scale.
CNBC reported today that, an anonymous since the figures are private, claimed that about 60 positions had been cut. Currently, the business employs about 145 people.
Genesis had informed the news source that the corporation was attempting to avoid declaring bankruptcy. Digital Currency Group CEO Barry Silbert stated in a letter in November that the company was looking into solutions.
About two weeks before DCG CEO published the letter, crypto lender Genesis Trading sought to raise up to $1 billion in cash prior to its decision to block withdrawals on the evening of November 16.
Meanwhile, Coincu reported Genesis said in a letter to clients yesterday that it will continue to engage with specialists to find financing alternatives. Despite the team’s best efforts, this difficult surgery will take time.
In the same week, Cameron Winklevoss, co-founder of Gemini, criticized DCG CEO Barry Silbert on Monday for utilizing “bad faith stall tactics.” Winklevoss also accused DCG CEO Barry Silbert of abusing $1.675 billion in cash owing to Genesis by DCG for reasons other than repaying creditors.
Silbert reacted on Twitter, claiming that DCG never borrowed $1.675 billion from Genesis and is up to date on all outstanding debts.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu