(Bloomberg) -- Four senior executives at crypto brokerage Genesis have departed, as part of a leadership shuffle in the aftermath of its exposure to bankrupt hedge fund Three Arrows Capital and a broad market downturn.
Matt Ballensweig, co-head of sales and trading, said on Twitter he’s leaving the company after more than five years. Michael Paleokrassas, managing director of trading, and Reed Werbitt, head of cash trading, have also departed, according to a person close to the matter. Joshua Lim, head of derivatives at Genesis, said earlier that he had also left.
Their departures signal the extent of upheaval at the New York-based firm, which announced a 20% layoff and a new leadership team last month. Genesis Chief Executive Officer Michael Moro stepped down, and Chief Operating Officer Derar Islim took over as interim CEO.
“Over the last month I’ve started transitioning my core responsibilities to a handful of trusted colleagues who will step up to run our front-line businesses,” Ballensweig said in a tweet. He will stay close to the firm as an adviser “for the foreseeable future.”
Genesis’s Acheson Leaves in Latest Departure From Crypto Lender
Genesis was the biggest creditor ensnared in the collapse of Three Arrows after the fund failed to meet margin calls. Its parent Digital Currency Group assumed some liabilities and filed a $1.2 billion claim against Three Arrows, which is under liquidation.
The crypto industry has seen a raft of successions recently. Celsius Network Ltd.’s CEO Alex Mashinsky and FTX US President Brett Harrison both announced departures this week.
Genesis officials didn’t respond to a request for comment.
Late last month, Noelle Acheson, head of market insights at Genesis, said she left after the layoffs were announced.
(Adds departures of two more executives in the second paragraph.)
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