- Chief Operating Officer Derar Islim will be interim CEO
- Moro will remain with Genesis as an adviser until transition is complete
Michael Moro is stepping down as CEO of Genesis as part of a leadership reshuffle at the cryptocurrency brokerage.
Derar Islim, the current chief operating officer of Genesis, will take over Moro’s position in the interim as the search to find a permanent replacement begins. Moro will remain with Genesis as an advisor until the transition is complete.
In addition, Tom Conheeney, who was previously the president of SAC Capital, will also become a senior advisory consultant to Genesis. He will join Islim on the company’s board of directors.
“The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future,” Islim said in a statement.
The crypto brokerage also revealed to Bloomberg that it is cutting 20% of its 260-person workforce.
Loans from Genesis’ lending desk have declined by 9% from its previous quarter, and active loans outstanding dropped by 66% from the prior period.
Genesis was once closely tied with Singapore-based Three Arrows Capital (3AC) and suffered major losses after the cryptocurrency hedge fund collapsed earlier this year.
As one of the largest digital asset lenders and a facet of crypto conglomerate Digital Currency Group (DCG), the brokerage was able to receive support from its parent company after it filed a $1.2 billion claim against 3AC, with DCG assuming the entire claim.
“We thank Michael for his steadfast leadership of Genesis in building the company into the industry leader it is today,” Mark Murphy, chief operating officer of Digital Currency, said in a statement.
“We’re pleased to elevate Derar to the interim CEO role — he has our full trust and confidence and has been instrumental in developing key areas of the Genesis business,” Murphy said.
This is a developing story.
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