Ex-President of FTX US pursues $6 million funding: Crypto Startup ahead?

  • Brett Harrison is seeking $6 M in funding for his crypto startup.
  • Startup to build trading software for big investors. 
  • Harrison stepped down as president of FTX.us on September 27.

Finally, a piece of news that can be believed to be positive is coming off the bankrupt crypto exchange FTX. Its former president, Brett Harrison, has been spotted on the funding floors, seeking $6 million against a $60 million valuation. For his crypto startup, which would build crypto trading software for big investors.

Harrison announced on September 27 that he would be stepping down from the post of President at FTX US and gradually moving to advisory roles. His timing of announcement falls months before FTX collapse. And this could be the only thing that had saved Brett from being accused of direct involvement in the mishandling of funds. 

The crash and eventual chapter 11 bankruptcy filing of the once third-largest exchange in the world, FTX, has saddened the former president. Harrison claimed to be “surprised and saddened” by the news that how much Sam Bankman-Fried and his accomplices had managed to damage the name of the industry, making millions of dollars in the process. 

FTX Hacked

Following the collapse, there was a hacking attack on both FTX.com and FTX.us simultaneously. The hacker managed to take out $663 million from various user accounts. Recently the hacker had been found transferring some portions of the looted funds to OKX, using a BTC mixer. 

Interestingly, the timing of the hacking was too good to be true, as the exchange filed for chapter 11 bankruptcy in Delaware Bankruptcy Court on November 11. And numerous accounts were hacked on the same night on both FTX.us and FTX.com. However, FTX officials denied any insider job. But simultaneously hacking two platforms, and that too at th time when they were removing funds in cold storage right after the filing. 

Kudos FTX-Japan

Kudos to the righteousness of the Japanese people; FTX Japan is among the 134 companies caught up with the debacle. Are planning to return the client’s funds. They also confirmed on December 1 that, as per the guidance of Japanese regulators, the exchange’s assets were kept distinct from the user’s assets. FTX Japan claims to primarily focus on facilitating withdrawals by the end of 2022. 

What’s going on with FTX and SBF?

FTX and 134 companies that filed for bankruptcy are being scrutinized and detailed in their involvement. Regular cash payments for some staff members have resumed and they will be given 3 weeks’ payment. The US trustee had asked for an independent investigator for an unbiased and speedy investigation and proceedings of the case. Any authority had not yet arrested SBF; in fact, he has been making usual public appearances, like ABC news, Twitter Spaces etc. He was recently spotted at his condor with his family in the Bahamas.