(CNBC) Genesis Trading, the embattled crypto lending arm of Barry Silbert’s Digital Currency Group, has cut headcount by 30% as it faces increasing pressure from creditors and the looming threat of bankruptcy. Silbert’s crypto conglomerate, which includes the Grayscale Bitcoin Trust (GBTC) and mining company Foundry, was hit by the market tumult of 2022 and the bankruptcy of crypto hedge fund Three Arrows Capital.
Crypto lender Genesis Trading lays off 30% of workforce
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