“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our head count globally. These measures are part of our ongoing efforts to move our business forward,” a spokeswoman for Genesis said to the Wall Street Journal.
Genesis was also involved in a recent lawsuit between crypto investors and the platform Gemini, which was founded by Tyler and Cameron Winkelvoss. Gemini touted high-yield savings accounts–upwards of 8% interest in some cases. Gemini generated those lofty returns by allowing Genesis to loan Gemini customer funds to institutional borrowers. The lawsuit alleges that Gemini was then unable to return funds to its customers as a result of financial distress amongst the now infamous FTX collapse.
Genesis is far from the only cryptocurrency firm facing job cuts and an uncertain future as the crypto winter drags on. Coinbase, which recently reached a $100 million settlement with the New York Department of Financial Services, announced it was laying off 1,100 employees, or 18% of its workforce, this past June.