To ensure Genesis wasn’t hamstrung by the loss, its parent company, Digital Currency Group (DCG), bailed it out. But in the aftermath, Genesis cut 20 percent of its workforce to reduce costs and Michael Moro, its longtime CEO, stepped down.
Genesis again found itself on the wrong side of a collapse earlier this month; when FTX filed for bankruptcy on November 11, the firm lost $175 million stored with the exchange. Again, DCG intervened, providing a cash injection of $140 million.
But despite multiple DCG bailouts, Genesis has failed to escape the FTX fallout. Samson Mow, a prominent crypto pundit and ex-chief strategy officer at crypto
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