Genesis chief risk officer said to be exiting after 3 months

2022/10/21 00:38

According to Coindesk, 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 Genesis, has assumed the entirety of a $1.2 billion claim, leaving Genesis with no outstanding liabilities tied to Three Arrows Capital.

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