CryptoUS

Genesis Layoffs

January 2023

Genesis announced a layoff affecting 60 employees (30% of its workforce) in January 2023. The company operates in the Crypto sector.

People Affected

Percentage

30%

Announced Date

Jan 5, 2023

About

Genesis, a cryptocurrency lender under Barry Silbert's Digital Currency Group, has laid off 60 employees, representing 30% of its workforce, which now stands at approximately 145. This significant staff reduction, reported in early 2023, is part of the company's efforts to cut costs and avoid bankruptcy amidst severe financial strain. The crisis was triggered by the collapse of major clients, including the FTX exchange and hedge fund Three Arrows Capital, leading Genesis to freeze client redemptions in November 2022. The firm faces mounting pressure from creditors and ongoing liquidity challenges within the volatile crypto industry.