FTX’s former US president is reportedly raising money for a new crypto startup after the crypto exchange’s collapse

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Former FTX President Brett Harrison
Former FTX President Brett Harrison

  • Brett Harrison, FTX US’s former president, is reportedly raising money for a new crypto startup.
  • Harrison left FTX simply weeks earlier than it slid out of business amid allegations of misused buyer funds. 
  • Harrison’s try to lift money comes when many buyers are weary of wading deeper into the crypto business.

One former high-ranking FTX govt is reportedly working to maneuver on from his previous employer’s spectacular implosion. 

Brett Harrison, who was president of FTX US, is in talks with buyers for a new cryptocurrency buying and selling software program startup, in keeping with a report from The Information, which cited two individuals with direct data.  

The former FTX govt is looking for buyers to assist elevate $6 million at an general valuation of $60 million, The Information experiences. 

Harrison left his position at FTX US in September, simply a few weeks earlier than the company slid into bankruptcy. Company insiders like former FTX CEO Sam Bankman-Fried and Alameda Research CEO Caroline Ellison face allegations they improperly used buyer funds. 

Before working at FTX, Harrison labored at conventional buying and selling companies, together with Jane Street, the place he as soon as labored with Bankman-Fried, in keeping with the report. 

Harrison did not instantly reply to Insider’s request for touch upon his new crypto enterprise. On November 8, amid FTX’s collapse, he tweeted that he “was surprised and saddened” by the information.  

FTX’s chapter has despatched shockwaves by means of the world of cryptocurrency, damaging different crypto exchanges. For instance, since FTX declared chapter in early November, Gemini paused buyer withdrawals, and BlockFi filed for chapter. 

Harrison’s try to lift money for a crypto startup comes when many outstanding buyers have grown weary of wading deeper into the business. Crypto startups raised $5.1 billion much less in the third quarter of this 12 months in comparison with the first quarter, in keeping with information from Crunchbase analyzed by The Information. 

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