Latest News News

Ex-president of FTX US Apparently Looking for $6 Million to Create Cryptocurrency Startup

According to reports, Brett Harrison, the former president of FTX US, intends to establish a start-up that will create cryptocurrency trading software for large investors.

A former senior executive is reportedly looking for investors to fund the launch of a cryptocurrency business just one month after the contentious collapse of Sam Bankman-FTX Fried’s exchange and 130 related companies.

According to The Information, Brett Harrison, the former president of FTX US, is seeking $6 million in capital to establish a start-up that would create cryptocurrency trading software for large investors. A $60 million value would be used for Harrison’s investment round.

Harrison made the decision to leave his position as president of FTX US and transition into an advising role on September 27. This was more than a month before the notorious collapse of FTX. As a result, the businessman was not immediately charged with having a direct hand in the theft of users’ money.

Harrison, too, stated that he was “surprised and disappointed” by what SBF and his cronies were able to accomplish through deception following the FTX crash, though. After FTX crashed, a hacker was able to access some of the exchange’s cash and has since been actively attempting to steal the money.

Most recently, the FTX hacker was discovered utilizing a Bitcoin mixer to send a chunk of stolen money to OKX.

One of the 134 businesses involved in FTX’s bankruptcy procedures is FTX Japan, but it has been working on a strategy to restore customer monies.

As required by Japanese law, FTX Japan confirmed on December 1 that the user assets were separate from the exchange’s assets.

FTX Japan states that re-enabling withdrawals is currently its main priority and that it plans to do this by the end of 2022.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.