According to people familiar with the matter who talked to Wall Street Journal, massive crypto lender Genesis Global Trading Inc. laid off 30% of its staff and is considering bankruptcy, the latest sign of financial turmoil at the crypto lender. According to some sources, the layoffs were not limited to one department but occurred throughout the company. Genesis has 145 employees left after the layoffs on Thursday. Genesis is working with investment bank Moelis & Co. to assess its future options, including a possible chapter 11 filing, sources told Reuters. Genesis suffered significant losses as a result of loans it made to the now-defunct trading firm Alameda Research and the crypto hedge fund Three Arrows Capital. Last year, both Alameda and Three Arrows declared bankruptcy.
