Genesis Chief Risk Officer Said to Be Exiting After 3 Months
Michael Patchen joined the crypto brokerage this past summer.
Genesis Trading has lost its newly appointed chief risk officer, Michael Patchen, after just three months in the job, according to a person close to Patchen.
Patchen was brought in at Genesis at the end of July when the firm’s CEO, Michael Moro, stepped down amid a wave of job cuts. Genesis Chief Operating Officer Derar Islim was made interim CEO, while finance veteran exec Tom Conheeney was brought in as a senior adviser.
Genesis’ cryptocurrency lending business revealed it had a large exposure to failed hedge fund Three Arrows Capital back in July of this year. Digital Currency Group, parent of both Genesis and CoinDesk, has assumed the entirety of a $1.2 billion claim, leaving Genesis with no outstanding liabilities tied to Three Arrows Capital.
Neither Genesis nor Patchen responded to requests for comment by press time.
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