Crypto-Trading Firm Genesis Lays Off 30% of Its Staff

Crypto-trading firm Genesis Global Trading has confirmed that it laid off more employees, according to Coindesk. A person familiar with the matter said Genesis eliminated about 30% of its workers, taking it down to 145 employees. The sales and business-development departments have been especially hard hit, the person added.

Genesis, a subsidiary of crypto conglomerate Digital Currency Group, has been harmed by the FTX exchange collapse. In November, Genesis revealed its derivatives business had $175 million in funds unable to be withdrawn. The firm later announced that its lending arm would be halting its own customer withdrawals.

Genesis previously cut 20% of its workforce of 260 in August.