"It has been an honor to lead Genesis for nearly a decade and I look forward to supporting the company's next phase of growth." states Michael Moro.
Michael Moro, CEO of crypto lending platform Genesis, steps down from his leadership position and instead shifts to an advisory role. The platform also slashes 20% of its staff as it suffers from the fallout of Three Arrows Capital's collapse.
This makes Genesis one of the several crypto platforms affected by the bankruptcy of 3AC earlier this summer.
At the beginning of July, Moro tweeted that Genesis had to sell the collateral and hedge the downside owing to 3AC's inability to meet the margin call. In the same month, Digital Currency Group, Genesis' parent company, filed a $1.2B claim against 3AC due to suffering significant losses from 3AC's unpaid loans.
As a result, the firm confirmed removing 20% of its workforce and making changes to its leadership as Michael Moro steps down from the CEO role. Until the firm finds a permanent replacement, the chief operating officer, Derar Islim, will act as the interim CEO.
Derar notes, “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.”
Moro states he will remain in the firm to "advise the company through the transition." Moreover, Genesis is reshuffling its workforce and has made several "key executive leadership hires" to prepare the platform for the future.
