Tag: Hodlnaut

Troubled Crypto Broker Genesis Loses CEO And Fires 20% Of Its Workforce.

Crypto Schemes Charlene Lensburg - August 18, 2022

The New York-based digital asset brokerage and crypto lender Genesis Global Trading Inc. (www.genesistrading.com) announced that CEO Michael Moro is stepping down. Genesis COO Derar Islim will take over as interim CEO. Furthermore, WSJ reports that the company plans to fire 20% of its workforce. During the 2021 crypto bull run, the company's loan originations surged more than sevenfold to $131 billion, and the company increased its headcount by 22% to 260. A cut of 20% equates to the loss of about 52 jobs.

Next In Line: Singapore Crypto Lender Hodlnaut Filed For Creditor Protection!

Bankruptcies Charlene Lensburg - August 17, 2022

Last week, distressed crypto lending platform Hodlnaut suspended deposits and withdrawals. The Singapore-based start-up blamed “current market conditions.” In a blog post on 16 Aug 2022, Hodlnaut Pte Ltd announced that it applied with the Singapore High Court to be placed under judicial management to provide them the best chance of recovery. Hodlnaut wants to avoid a forced liquidation of their crypto assets at these current depressed asset prices.

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