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Former FTX Executive Starts New Crypto Company, Reveals SBF Interference

Former FTX US President Brett Harrison started a new crypto company and reveals facts about SBF and his inner circle.
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Former FTX Executive Starts New Crypto Company, Reveals SBF Interference

Former FTX US President Brett Harrison has started a new crypto trading software company, Architect. He hoped to raise funds at a valuation of $100 million, but raised only $5 at a valuation of $60 million. He blamed the crypto winter and his association with Sam Bankman-Fried‘s FTX for receiving less funding. Brett Harrison reveals how SBF’s inner circle handled a few operations at FTX US without communicating with him.

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Former FTX President Harrison Denies Part in Crisis

Brett Harrison left the company in September 2022, two months before the collapse of FTX. He had no clue that Sam Bankman-Fried and his inner circle were misappropriating customer funds. In fact, Harrison said he is also a victim and may never get back the money he invested with the exchange.

The crypto trading software company by Brett Harrison aims to help big Wall Street firms to trade crypto. So far, he has managed to raise $5 million from investors including Coinbase Ventures and Circle Ventures, SkyBridge Capital founder Anthony Scaramucci, SV Angel, Third Kind Venture Capital, and Motivate Venture Capital, among others. However, he is happy with what he has raised due to crypto winter, reported Bloomberg on February 2.

“It’s been a pretty chilly crypto winter for everyone and seeing a raise get done — and seeing excitement from larger well-known crypto investors — has given people hope.”

Several venture capitalists were not interested due to the risks of being associated with a former FTX executive.

Also Read: FTX Delays Sale For Japan And Europe Subsidiaries

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SBF and Inner Circle Interfere With US Operations

Commenting on aiding prosecutors in the fraud case against SBF, Harrison asserts he will be happy to help and cooperate with the investigation. However, he wasn’t even involved in key deals made by FTX US, including when the company extended a $400 million credit line to crypto lender BlockFi.

“There were a number of different acquisitions or deals in which I would find out about them from the news, rather than find out from them internally and that was very frustrating.”

Brett Harrison said he tried separating FTX and FTX US teams, as well as bank accounts and crypto wallets, and customer accounts from the company’s operating accounts. However, SBF and his inner circle interfered with FTX US operations.

Also Read: Bitcoin Price Holds $24K As Traders Watch These Three Key Events

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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