### Crypto-lender Genesis is set to lay off another 30% of staff. This troubled subsidiary of the DCG group had just laid off 20% of staff last August 2022.

2023 is off to a painful start as crypto winter is still in full swing. 

[Reuters](https://www.reuters.com/business/finance/crypto-lender-genesis-lays-off-30-staff-wsj-2023-01-05/) reported that crypto lender genesis laid off a whopping 30% of staff. 

Genesis has been trying to avoid filing for bankruptcy protection since last year. On November 12, 2022 Genesis halted all withdrawals and has not resumed since. 

Speculation is rife that Genesis is insolvent, and there are worries that the parent company of Genesis will be forced to liquidate assets of its own or owned by its subsidiaries. 

One of the subsidiaries is Grayscale, which owns the well-known Grayscale Bitcoin Trust (GBTC). GBTC is massive with around 600,000 bitcoins. 

There is fear as well of what a sale of 600,000 bitcoins could possibly do to the already battered bitcoin and cryptocurrency market. In the meantime, the lay off should at least help Genesis lower its expenses; but the savings are certainly a drop in the bucket compared to the liabilities of Genesis. 

Genesis owes $900M to a single customer - another crypto exchange named Gemini. The CEO of Genesis, Mr. Derar Islim, informed its clients that Genesis needs more time to solve the present crisis.

Crypto-lender Genesis is set to lay off another 30% of staff. This troubled subsidiary of the DCG group had just laid off 20% of staff last August 2022.

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Fri Jan 06 2023

Genesis Lays of 30% of Staff