Derar Islim, interim CEO of crypto brokerage Genesis Global Trading, noted that the company needs more time to cope up with financial instability following withdrawals stoppage in November 2022. Islim...
Tag: Genesis
Federal Prosecutors in New York Probe Digital Currency Group and Subsidiary Genesis – Bitcoin News
Following accusations from Gemini co-founder Cameron Winklevoss in an open letter to Digital Currency Group CEO Barry Silbert, a report citing “people familiar with the matter” states that federal pro...
Crypto Lender Genesis Lays Off 30% More of Its Staff
“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,” a Genesis spokesperson said in a statement. “These measures ar...
Digital Currency Group’s transfers to Genesis draw US investigations: Bloomberg
U.S. authorities are investigating the flow of funds between Digital Currency Group and its Genesis lending subsidiary, according to a report by Bloomberg. Federal prosecutors in the Eastern Di...
Genesis Cuts Staff by 30% as Financial Woes From FTX Fallout Persist
Genesis Trading today announced massive cuts to its workforce in an effort to reduce costs at the ailing institutional crypto firm. The company did not provide precise numbers, but sources close to t...
DCG Wealth Management Division Shuts Down Hours After Genesis Announced Layoffs: Report
Yesterday, the DCG Group – a conglomerate that manages Genesis, Grayscale, and wealth management service HQ – announced a 30% workforce reduction as the shadow of bankruptcy looms over the battered cr...
Genesis cuts 30% Workforce in second Round Layoff: Industry under Pressure
Team Genesis was 260 members strong and laid off 20% in round I. The second round saw a 30% cut in round II, bringing the team to 145. Silvergate Capital laid off nearly 40% of its workforce. The on...
Genesis Lays Off 30% Of Workforce
The crypto lending platform Genesis is considering filing for bankruptcy and has laid off around 30% of its staff. Genesis On The Verge Of Bankruptcy? Less than six months after its first round of la...
Crypto lender Genesis lays off 30% more staff: Report
Crypto lending platform Genesis Global Trading has reportedly cut 30% of its workforce in its second round of layouts in six months. According to a Jan. 5 Wall Street Journal report, Genesis reduced i...
Can DCG, Genesis, and Grayscale Survive the FTX Fallout?
After the FTX collapse, concerns around the Digital Currency Group (DCG) and its subsidiaries (Genesis, Grayscale) began spreading across the industry. Can the crypto market witness yet more contagion...
FTX Tremor Continues: Genesis Considers Filling for Bankruptcy
Genesis Trading laid off 30% of its workforce recently as it considers filing for bankruptcy. Firm suffers losses on loans it provided to Alameda and 3AC. Genesis’ parent company, DGC also shuts down ...
Genesis Announces 30% Layoffs Amid Sluggish Market Conditions
4 hours ago | 2 mins read Exchange News The company needs more time to find an appropriate solution to the current problems. Several businesses had financial difficulties, and some even declared bankr...
Genesis Trading lays off 30% of its Workforce As Bankruptcy Looms
Genesis Trading, a troubled crypto lending company, has laid off 60 more employees, or 30% of its workforce, according to sources. This marks the company’s second round of layoffs, after previously cu...
Crypto Lender Genesis Reduces Staff As It Ponders On Bankruptcy Filing
A lot of ups and downs going on in the crypto industry have pushed some, if not most, companies to the edge of insolvency. Following its request for emergency bailout funding, popular crypto lender Ge...
Genesis says 30% of employees will go in new lay-offs
According to the Wall Street Journal, Genesis Global Trading Inc. let off 30% of its workforce today, the latest indication of the crypto lender’s ongoing financial difficulties. Genesis’ second round...
Genesis owner Digital Currency Group shuts down wealth management subsidiary
Digital Currency Group (DCG) is shutting down its wealth management subsidiary HQ Digital, The Information reported Jan. 5, citing an internal memo. According to the report, HQ Digital halted operatio...
Crypto Lender Genesis Slashes Staff and Mulls Bankruptcy: WSJ
According to a Jan. 5 report by the WSJ citing ‘people familiar with the matter,’ Genesis is mulling a bankruptcy filing and has let around 30% of its staff go. The layoffs were across several departm...
Silvergate and Genesis layoffs; Mango exploiter detained
The biggest news in the cryptoverse for Jan. 5 saw two notable companies, Silvergate and Genesis, lay off a large portion of their staff. Meanwhile, authorities ordered the detention of Mango Markets ...
Crypto Broker Genesis Cuts 30% Of Staff, Reportedly Mulls Bankruptcy
Topline Yet another major cryptocurrency player is in serious danger of going under, as sources told the Wall Street Journal the embattled lender Genesis is weighing filing for bankruptcy, while the f...
Genesis sacks 30% of workers, may file for Chapter 11 bankruptcy
Beleaguered crypto lender Genesis has sacked 30% of its workers and may file for bankruptcy, The Wall Street Journal reported Jan. 5, citing people familiar with the matter. Genesis previously laid of...
Genesis cuts 30% of staff in latest round of layoffs
Genesis Trading begun a new round round of layoffs, reducing its workforce by 30%, a source familiar with the matter told The Block. “As we continue to navigate unprecedented industry cha...
Genesis CEO Requests Extra Time to Resolve Lending Woes
Alex Dovbnya Genesis, a leading digital asset management company, has issued a letter from its interim CEO Derar Islim regarding the issues faced by its lending arm Genesis, a subsidiary of the Digita...
The Genesis Block: The First Bitcoin Block
Bitcoin blocks have changed a lot since 2009. They contain thousands of transactions, instead of one. They take 10 minutes to mine. Miners are rewarded with 6.25 BTC, after three “halvings” of the rew...
Genesis Global Trading CEO Begs Clients For More Time
Join Our Telegram channel to stay up to date on breaking news coverage The interim CEO of troubled crypto lender and market maker Genesis, Derar Islim, has sent a letter to clients asking them for mor...
Genesis CEO Asks For More Time To Sort Their Financial Crisis
On January 4, Derar Islim, the interim CEO of Genesis Trading, a cryptocurrency brokerage & lender that was forced to cease withdrawals in November 2022, stated that the company requires further t...
Genesis pleads for more time to sort ‘complex’ financial situation
Genesis interim CEO Derar Islim pleaded for more time to sort the financial situation of its lending arm, according to a Jan. 4 statement. Islim said the firm was currently involved in “a very complex...
Genesis CEO asks for patience from clients amid Gemini pressure
Genesis Trading, the cryptocurrency brokerage and lender that halted customer withdrawals in the aftermath of FTX collapse, believes it can sort out its financial problems. However, it needs more time...
Crypto lender Genesis says it needs more time to figure out lending crisis solution
Crypto lender Genesis told clients on Wednesday that it’s continuing to work toward finding a solution for its troubled borrowing and lending unit but that it will need more time to do so. ...
Gemini Accuses DCG of Being Behind Genesis’ Woes ⋆ ZyCrypto
Advertisement     Gemini’s co-founder Cameron Winklevoss wrote an open letter Tuesday accusing Barry Silbert, CEO of DCG, the parent company of Genesis trading, of cau...
Community celebrates Bitcoin Genesis Day by sending BTC to the genesis block
As Bitcoin (BTC) has its 14th birthday, Bitcoiners from around the world are celebrating in various ways, with some opting to send BTC to the address containing the rewards for mining its genesis bloc...
CryoSeed Launches ‘Genesis’ Wallet Backup And Limited Edition ‘Taylor Series’ Collection
Berlin startup CryoSeed (Seed Industries) announces their flagship product, ‘CryoSeed – Genesis’, a lockable, steel, wallet recovery product, and reveals a limited-edition cypherpunk-inspired ‘Taylor ...