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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.
STORY CONTINUES BELOW
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.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
