Crypto broker Genesis Trading on Wednesday appointed chief operating officer Derar Islim as the interim head of the crypto brokerage, saying it had reduced its workforce by 20 percent.
Islam will replace Michael Moro, who will step down as CEO effective Wednesday, the company said.
The New York-based company is the latest in the cryptocurrency space to be hit by the so-called “crypto winter,” which has forced a string of high-profile companies to cut their workforces in recent months.
Before the layoffs, Genesis employed nearly 260 people, a company spokesperson said.
Last month, Genesis announced it had exposure to bankrupt crypto hedge fund Three Arrows Capital, another victim of dwindling interest in digital assets.
However, the company had cut its losses after Three Arrows failed to make a margin call, outgoing CEO Moro said at the time, adding that Genesis parent company Digital Currency Group had assumed some of the crypto broker’s obligations.
Genesis also named Tom Conheeney, president of former hedge fund SAC Capital and its successor Point72 Asset Management, as its senior advisor.
Moro will advise the company on the transition, Genesis said, adding that it had begun the search for a full-time chief executive.