(Bloomberg) – Four senior executives at cryptocurrency brokerage firm Genesis have left as part of a leadership change following the collapse of hedge fund Three Arrows Capital and a broader market downturn.
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Matt Palinsweg, head of sales and commerce, said on Twitter that he was leaving the company after more than five years. Michael Palukrasas, managing director of trading, and Reed Werbet, head of spot trading, also left the company, according to a person familiar with the matter. Joshua Lim, Genesis' head of merchandising, previously said he was gone as well.
Her departure marks a turning point for the New York-based company, which last month announced a 20 percent layoff and a new management team. Genesis CEO Michael Morrow resigned and CEO Derar Islam assumed the role of interim CEO.
"Over the past month I have begun handing over my core responsibilities to a number of trusted colleagues who will step up to run our core business," Balinsweg said in a tweet. He will remain with the company "for the foreseeable future" as a consultant.
Genesis Atchison begins Crypto Lender's final journey
Genesis was the largest lender involved in the collapse of Three Arrows after the fund defaulted on margin calls. The parent cryptocurrency group has accepted some responsibility and filed a $1.2 billion lawsuit against Three Arrows, which is in liquidation.
The cryptocurrency industry has seen many sequels lately. Alex Mashinsky, CEO of Celsius Network Ltd. and FTX US President Brett Harrison announced their departure this week.
Genesis officials did not respond to a request for comment.
Late last month, Noel Atchison, Genesis' head of market insight, said she was leaving after the layoffs were announced.
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