Crypto lender Genesis Global Trading has reportedly laid off 30% of its staff to cut costs. According to the company’s spokesperson, it has made the difficult decision to reduce its headcount globally as it continues to navigate unprecedented industry challenges. The company also laid off 20% of its workforce in August 2022 and moved the then CEO Michael Moro into an advisory role. Being the lender of the bankrupted Alameda Research and Three Arrows Capital, the company suffered losses and it halted withdrawals and suspended new loan originations in November 2022.