Share this article
Crypto Broker Genesis Cutting 20% of Workforce as CEO Michael Moro Exits
Moro is to be replaced on an interim basis by Chief Operating Officer Derar Islim.
Updated May 11, 2023, 4:24 p.m. Published Aug 17, 2022, 1:23 p.m.
Genesis CEO Michael Moro is stepping down as the company slashes 20% of its 260-person workforce following major losses tied to the collapse of Three Arrows Capital earlier this summer, reports Bloomberg.
Genesis – owned by Digital Currency Group (DCG), which is also the parent of CoinDesk – filed a $1.2 billion claim against failed crypto hedge fund Three Arrows Capital in July. DCG assumed that claim and associated liabilities from Genesis last month.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The New York-based broker was one of several companies impacted by the crypto market downturn in May. The implosion of LUNA and the Terra ecosystem, followed by the demise of crypto lender Celsius Network as well as the collapse of Three Arrows Capital, led to a slew of layoffs, bad debt and bankruptcy filings throughout the industry.
Current Chief Operating Officer Derar Islim, who joined Genesis in 2020, is replacing Moro on an interim basis as the company searches for a permanent replacement. Genesis has also brought on former SAC Capital and Point72 Asset Management President Tom Conheeney as a board member and senior adviser.
“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.
UPDATE (Aug 17, 2022, 14:31 UTC): Adds paragraph on crypto market slump and additional details throughout.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto’s Machine Learning ‘iPhone Moment’ Comes Closer as AI Agents Trade the Market
Recall Labs, a firm that has run 20 or so AI trading arenas, pitted foundational large language models (LLMs) against customized trading agents.
What to know:
- Specially customized AI trading tools outperformed LLMs such as GPT-5, DeepSeek and Gemini Pro.
- Rather than simply using profit and loss to measure success, AI agents balance risk and reward when faced with a multitude of market conditions.
- As in TradFi, hedge funds and family offices with the resources to invest in the development of custom AI trading tools will be first to reap the rewards.
Top Stories
