Barry Silbert's Genesis Trading reduced headcount by 30%, or 60 jobs, as the crypto lender fends off a potential bankruptcy filing after the collapse of FTX.
that Genesis had sought an emergency loan of $1 billion shortly after the implosion of Alameda, which was a major Genesis client. Genesis froze redemptions for all clients after FTX filed for bankruptcy protection on Nov. 11.
Silbert has come under fire as a result of the redemption freeze. Earlier this week, Cameron Winklevoss, a Genesis client and CEO of crypto exchange Gemini,of engaging in "bad faith" stalling tactics and demanded a solution to the liquidity crisis at Genesis. He said DCG owes $1.675 billion to Gemini customers.
Silbert responded on Twitter by saying that DCG never borrowed $1.675 billion from Gemini and "is current on all loans outstanding."
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