Michael Patchen has left his role as chief risk officer at crypto-broker Genesis after three months, according to a person familiar with the matter.
(Bloomberg) — Michael Patchen has left his role as chief risk officer at crypto-broker Genesis after three months, according to a person familiar with the matter.
Genesis, a unit of Barry Silbert’s Digital Currency Group, didn’t return several requests for comment. Patchen didn’t return a call for comment.
Patchen’s exit follows a recent wave of departures at the New York-based lender. Bloomberg News reported last month that multiple senior executives at Genesis had left as part of a leadership shuffle in the aftermath of its exposure to bankrupt hedge fund Three Arrows Capital as well as a broad market downturn.
Genesis announced a 20% layoff and a new leadership team over the summer. The company’s Chief Executive Officer Michael Moro stepped down in August.
Prior to Genesis, Patchen spent more than five years with AQR Capital Management as principal and chief risk officer, according to his LinkedIn profile. He has also held roles with Carlson Capital, SAC Capital and Deutsche Bank, among others.
Genesis had announced his joining the firm over the summer as part of its reshuffle.
Genesis was the biggest creditor ensnared in the collapse of Three Arrows after the fund failed to meet margin calls. Digital Currency Group assumed some liabilities and filed a $1.2 billion claim against Three Arrows, which is under liquidation.
–With assistance from Muyao Shen and Yueqi Yang.
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