Genesis, the world's largest cryptocurrency lender, announced 30 per cent layoffs due to financial difficulties

CTOnews.com Genesis Global Trading, the world's largest crypto lender, laid off 30 percent of its workforce Thursday, according to people familiar with the matter, the Wall Street Journal reported on January 6, in the latest sign of financial difficulties for the company.

Pexels said the company suffered huge losses from loans to trading firm Alameda Research and cryptocurrency hedge fund Three Arrows Capital. Alameda and Three Arrows filed for bankruptcy last year.

CTOnews.com understands that a Genesis spokesperson said: "Genesis has made the difficult decision to lay off employees globally as we continue to overcome unprecedented industry challenges. These initiatives are part of our ongoing efforts to drive business growth. "

Genesis interim CEO Derar Islim said the company needed more time to resolve the financial crisis brewing in its business.