Crypto trading platform Genesis has lost its CEO and is cutting 20% of its workforce

Crypto trading platform Genesis said its CEO, Michael Moro, has left but will continue to advise The company on transition, according to The Block on August 17, Derar Islim, its chief operating officer, will become CEO, while the platform will lay off 20% of its workforce. As previously reported by BlockBeats, Genesis, a cryptocurrency lender owned by Digital Currency Group, lent $2.36 billion to hedge fund 3AC. After Three Arrow Capital failed to repay Genesis attempted to recover some of the loan by initiating arbitration proceedings against 3AC at the American Arbitration Association (AAA) in New York.