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Genesis Chief Risk Officer Said to Be Exiting After 3 Months
Michael Patchen joined the crypto brokerage this past summer.
By Ian Allison
Updated May 9, 2023, 4:00 a.m. Published Oct 20, 2022, 6:44 p.m.
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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.
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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.
