Genesis Trading chief Michael Moro left the company after seven years in the role, including six as CEO of the crypto OTC platform.
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In a conversation with The Block, the firm said that Genesis Trading would lay off one in five employees as part of its ‘strategic priorities’ — boosting efficiency of the business and overall infrastructure, including areas such as risk, compliance and technology.
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Derar Islim was appointed as interim CEO. Moro will continue to advise the company during the transition period.
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Former president of SAC Capital and Point72 Asset Management Tom Konhini will become a senior advisor to Genesis Trading. He will assist Islim on matters of strategy, trading, lending and risk management.
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On July 17, the platform also appointed new directors for risk, compliance, legal, finance and technology.
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Back in July, it emerged that hedge fund Three Arrows Capital owed Genesis Trading $2.36 billion. Its parent company, Digital Currency Group, backed the firm and took on certain obligations.
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Earlier, Moro acknowledged that in June the OTC platform liquidated Three Arrows Capital’s positions.
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