Cryptocurrency trading broker Genesis has announced that its head, Michael Moro, is stepping down and will advise the company through the transition. The broker said in a press release on Wednesday that its Chief Operating Officer, Derar Islim, will now lead Genesis as new CEO.
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Besides leadership reorganization, Genesis told The Block in a commentary that the firm had reduced workforce by 20% to focus on "strategic priorities." The firm declined to elaborate on which departments faced reorganization. Among Genesis' new priorities are risk hedging, regulatory compliance, and technology.
The move comes after Genesis under Moro's lead lent $2.36 billion to crypto hedge fund Three Arrows Capital (3AC) which eventually went bankrupt.
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