Genesis Trading begun a new round round of layoffs, reducing its workforce by 30%, a source familiar with the matter told The Block. 

"As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally. These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis’s business, clients and employees for the long-term," said a spokesperson for Genesis.

The firm told clients this week that the company is working toward finding a solution for its borrowing and lending unit but will need more time. The crypto lender halted withdrawals and new loan originations amid the FTX fallout in November. 

(by Adam Morgan McCarthy and Tim Copeland)