Genesis Global Trading laid off more staff on Thursday, according to a statement provided to CoinDesk by a company representative.
Genesis laid off roughly 30% of its workforce, reducing its size to 145 personnel. August saw Genesis reduce their headcount of 260 by 20%.
A spokeswoman for Genesis said that the firm would continue to manage extraordinary industry headwinds and made the tough choice to cut global headcount. These steps are a part of efforts to advance the business.
The sales and business development departments have been struck particularly hard.
The company wrote a letter to its clients on Wednesday stating that it would reduce expenses and drive efficiencies during a challenging climate for crypto enterprises.
Genesis, a crypto giant Digital Currency Group subsidiary, has been negatively affected by the worldwide market collapse caused by FTX.
In November, Genesis disclosed that its derivatives division could not withdraw $175 million in funds. Later, the company indicated that its lending division would halt customers’ withdrawals.
As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.
— Genesis (@GenesisTrading) November 10, 2022
After launching a $1.2 billion claim against collapsed crypto hedge fund Three Arrows Capital, the company laid off employees in August.