Genesis crypto lender reduces staff by 30%

Genesis, a bitcoin lender, will lay off 30% of its staff again in six months, the Wall Street Journal said Thursday.

On November 16, Genesis Global Capital's lending arm suspended customer withdrawals.

after FTX's collapse, citing "extraordinary market disruption."

Genesis told its clients that it needs additional time to fix its lending unit.

Genesis faced a liquidity crisis after FTX, one of the world's largest crypto exchanges, collapsed in late 2022.

Genesis' $175 million FTX exposure required Digital Currency Group to inject $140 million into the enterprise.

Cryptocurrencies have been roiled by higher interest rates, economic slump fears, and recent crypto bankruptcy.