Genesis' Michael Moro drops CEO role as crypto broker reduces 20% of workforce

Michael Moro, CEO of struggling cryptocurrency broker Genesis, is stepping down as the company gets rid of 20% of its 260-person workforce to mitigate costs, according to a report by Bloomberg dated Wednesday.The cost-cutting move comes after New York-based Genesis disclosed its loan exposure to insolvent crypto hedge fund Three Arrows Capital, which recently filed for Chapter 15 bankruptcy after it incurred huge liquidations from tanking token prices at the time.Genesis Chief Operating Derar Islim, who joined the company in 2020, has been appointed interim CEO, according to a release. Moro Will advise the firm through the transition. At the same time, Genesis has started searching for a permanent CEO.And to further strengthen its governance, Genesis welcomed new executives in risk, compliance and technology.“The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future,” Islim said.Previously, (July 18) Three Arrows Capital owes $2.36B to Genesis.