Michael Moro leaves the Genesis Trading CEO post

Due to Genesis Trading's deals with Three Arrows Capital, the pressure on Michael has increased so much that he has to leave his post.

First and foremost, Genesis Trading is known for its institutional cryptocurrencies. As recently as August 17th, to be exact, the company announced a 20% staff decrease. The reason was "people's decreased interest in cryptocurrency due to the market slowdown".

We also heard the company say it issued $40 billion in loans in the second quarter, down 9% from the first quarter, as institutional investors' interest in borrowing declined amid the downturn in the cryptocurrency market. 

Derar Easlim, chief operating officer, said the board reorganisation and downsizing were part of the company's ongoing drive for operational excellence (although even if someone had been deliberately drained, they would have announced as well).

Genesis joins Coinbase, Crypto.com, Bitpanda and Blockchain.com, which have made staff cuts in response to declining user engagement and revenue.