News

Genesis’s Chief Risk Officer Has Resigned Amid The Company’s Difficulties

Michael Patchen, Genesis’ chief risk officer, has departed the company after only three months on the job.

CoinDesk and Bloomberg both reported Patchen’s resignation. His LinkedIn page also indicates that he will leave later this month after joining in July.

Derar Islim, the CEO of Genesis, was named temporary CEO, while seasoned finance executive Tom Conheeney was named a senior adviser.

His hire was announced in August, along with other leadership changes, at the same time as CEO Michael Moro stepped down and Genesis laid off 20% of its workforce. The company suffered damages as a result of its interactions with the bankrupt crypto hedge fund Three Arrows Capital.

Patchen has previously worked at AQR Capital, SAC Capital, and Goldman Sachs.

As CoinCu reported, Grayscale, a subsidiary of Digital Currency Group, was ending its partnership with Genesis to issue fresh shares of its crypto products, including the flagship fund GBTC.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

46 minutes ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

2 hours ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

3 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

4 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

4 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

4 hours ago

This website uses cookies.