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Chief operating officer Derar Islim will take over as CEO on an interim basis, and Moro will advise the company during the transition, according to a statement from Genesis.
Genesis has also appointed new senior advisors, as well as leaders in risk, compliance, technology, finance and legal departments.
Genesis has not responded to Forkast’s request for comment about the executive shuffle.
Genesis is a wholly-owned subsidiary of the cryptocurrency group Digital Currency Group (DCG), which was hit hard by the insolvency of Three Arrows (3AC), as Genesis provided 50% of the collateral for 3AC’s $2.4 billion loan, the Wall Street Journal reported.
DCG remains the largest creditor of Three Arrows, and even after the liquidation of the collateral, the group still has a claim on 3AC of up to US$1.2 billion, the report cited with a court filing that was once published on its liquidation page.
In June, CoinDesk cited an anonymous insider as saying that Genesis could lose hundreds of millions of dollars in a contagion of crypto market insolvency because of its ties to both 3AC and Babel Finance.
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