Genesis CEO Michael Moro steps down from role effective immediately
Genesis Trading’s chief executive officer Michael Moro is no longer with the cryptocurrency firm, according to a release shared on Wednesday.
“Effective today, Genesis CEO Michael Moro is stepping down and will continue to advise the company through the transition. Chief Operating Officer Derar Islim, Ph.D., who joined Genesis in 2020 and has overseen the development of strategy and key core functions, has been appointed interim Chief Executive Officer,” the statement said.
The beleaguered trading and lending firm which lent $2.36 billion to failed crypto hedge fund Three Arrows Capital is also cutting up to 20% of its staff, according to a report from Bloomberg.
This is a breaking story and will be updated as more information comes to light.
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Author: Adam Morgan McCarthy
