Cryptocurrency lender Genesis Trading is reducing its workforce by 30% as it struggles to avoid a potential bankruptcy filing.
Genesis Trading previously laid off 20% of its staff last year and replaced its CEO.
The company has been hurt by market turmoil in recent months, along with contagion from the bankruptcies of crypto hedge fund Three Arrows Capital and crypto exchange FTX.
The latest job cuts will impact about 60 positions at Genesis Trading, according to media reports. The company has about 145 employees currently.
The latest job cuts come a day after Genesis Trading’s interim CEO Derar Islim said the firm needs more time to solve its financial problems.
Genesis Trading engaged bankruptcy professionals shortly after the collapse of crypto exchange FTX and its sister hedge fund Alameda Research this past November.
The firm has also halted client redemptions in recent weeks.
