Bitcoin’s had a resurgent 2023, rising almost $20k in value since the start of the year and crypto firms like Coinbase, whose stock has nearly tripled since mid-July, are beginning to thrive again. The feeling, however, is not universal. Having laid off 44% of its staff in New York earlier this year, crypto trading firm Genesis Global, has come back for another round of cuts.
Genesis Global Trading’s warn notice in September revealed that 39 of its 89 staff were being let go. Since then, an amendment in the notice last week revealed that an additional eight employees have been released.
The first four were let go at the start of October, the second four were let go in early November. Considering the initial 39 were the third round of layoffs in 13 months, these new cuts could be considered rounds four and five, all in the space of a year and a half.
Genesis shuttered its US trading operations, including spot and futures trading, in the first week of September. However, last month, it was able to secure a $175m payment from FTX in a court settlement. It’s not done in the courts just yet, either, as it also filed a lawsuit 2 weeks ago to sue Winklevoss twins-owned crypto firm Gemini.
Source: Efinancialcareers
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