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

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.

Genesis's Chief Risk Officer Has Resigned Amid The Company's Difficulties 2

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.

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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.