Genesis Chief Risk Officer Said to Be Exiting After 3 Months

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 Advisor.

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.

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