Genesis Sales, Trading Chief Ballensweig Joins Exodus From Crypto Lender

The exodus from Genesis Trading continued Wednesday as co-Head of Sales and Trading Matt Ballensweig announced his departure from the crypto lending desk, which lost hundreds of millions of dollars during this year’s crypto contagion.

Ballensweig said in a tweet that he will remain an advisor to Genesis “for the foreseeable future.” He said he had already shifted his day-to-day responsibilities to colleagues to close out his five-year tenure at the Digital Currency Group-owned firm (CoinDesk is a sister company).

Genesis has hemorrhaged top-level talent in the wake of its massive losses to failed crypto hedge fund Three Arrows Capital. In August, it cut 20% of staff and its CEO Michael Moro resigned; research chief Noelle Acheson later called it quits. Meanwhile, Head of Derivatives Joshua Lim appears to have one foot out the door.