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Silbert’s Long List of Crypto Woes Starts With Genesis Bankruptcy Angst

  • Gemini’s Winklevoss set Jan. 8 as a resolution deadline
  • Genesis halted redemptions after FTX collapse in November

A brutal week for embattled crypto broker Genesis has fanned fresh concerns about the health of its parent, Barry Silbert’s Digital Currency Group conglomerate.

The latest blow came Thursday, when Genesis Global Trading Inc. announced that it laid off roughly 30% of its staff in the latest round of job cuts. That followed a letter to clients from Genesis interim Chief Executive Officer Derar Islim earlier this week saying it needed “additional time” to come up with a solution for a liquidity crunch at its lending unit.