This is a sign of bankruptcy, isn't it, if you want to fire employees.
In the wake of increasingly unstable financial flows, cryptocurrency lending giant Genesis Trading has laid off its workforce en masse with a reduction of 30%.
Genesis also filed for bankruptcy following losses after lending $2.4 billion to Three Arrows Capital (3AC) and hundreds of millions of dollars to Alameda Research in 2022.
Returning to the original description, Genesis laid off 20% of its 260 employees in the summer of 2022, but the company's performance weakened when the FTX crisis occurred which has not yet found a solution.
Meanwhile, the crypto exchange company Gemini, which has been working with Genesis for a long time, suspended its production worth $900 million when Genesis suddenly stopped funding their new loans.
The streak, Genesis intends to get an emergency loan of $1 billion to continue its business operations.
This week, Derar Islam who is the replacement of the Chief Executive Officer (CEO) of Genesis will think about how to resume the production.
Clearly, most investors began to doubt Genesis' potential when the company laid off workers and filed for bankruptcy.
