Crypto broker Genesis Trading has announced an overhaul that will see the firm’s CEO Michael Moro immediately step down from his role.
Derar Islim, Genesis’ chief operating officer, will take over as interim CEO while the firm is seeking a permanent replacement.
The firm will also cut 20% of its 260-person workforce to reduce costs.
The leadership reshuffle also saw Genesis hire several key executives.
These include chief risk officer Michael Patchen, chief compliance officer Michael Patterson, and chief technology officer Matthew Johnson, who recently joined Genesis.
Chief financial officer Alice Chan and chief legal officer Arianna Pretto-Sakmann also joined the expanded leadership team.
Last month, it was also revealed that Genesis was the biggest creditor of the now-insolvent crypto fund Three Arrows Capital with a whopping $2.36 billion owed to the firm.