1 year ago
57 The FTX demise has undoubtedly resulted in multiple questions from many people wondering how an exchange that was once one of the largest could have crashed in a blink of an eye.
Former FTX US president, Brett Harrison, who after departing from the beleaguered exchange last year, responded to a comment on Twitter indicating that he plans to share information on the crypto exchange’s operations soon.
Harrison To Disclose Information On FTX
The former FTX US president’s statement was a response to a curious person’s question asking on Twitter if Harrison knows anything about the exchange’s collapse and when did he know about it. Harrison replied to the question by saying “I’ll share in time.”
Looking at it from a different perspective, it may seem as though the ex-president already had it in mind to disclose some insider information on the demise of the exchange. The timing of his stepping down as the FTX US president was quite suspect, as it was barely a month after he stepped down that the exchange sank and filed for bankruptcy.
Notably, prior to joining FTX in May 2021, Harrison was working at Citadel Securities, a capital markets firm for financial institutions, as a trading executive with a mission of assisting FTX to grow its US presence, particularly establishing the American subsidiary with a headquarters in Chicago.
While the FTX founder Sam Bankman-Fried also known as SBF is currently under an active investigation and facing eight criminal charges, which include fraud, conspiracy, and money laundering schemes, the former FTX US president himself is yet to be accused or found guilty of any crime relating to FTX demise.
An executive of the exchange, aside from SBF, who is also currently under investigation, is the former Chief Engineer, Nishad Singh. As reported by Bitcoinist, Singh could be indicted as early as this month if federal prosecutors in Manhattan determine he participated in the alleged multiyear conspiracy to defraud investors and clients at the now-defunct exchange and trading arm sister company Alameda Research.
Update On SBF’s Ongoing Investigation
SBF was arrested in the Bahamas just over two weeks ago and then extradited to the US after spending several days at Fox Hill correctional center located in Nassau, a facility known for its harsh conditions. In a last week federal court hearing in New York, SBF reportedly pleaded not guilty on all charges but is set to face another trial by October later this year.
Prior to the October hearing declaration, his Robinhood shares worth $450 million were seized by the department of justice (DoJ) despite his claims that the shares have nothing to do with any FTX-affiliated claims.
In other news, the crypto market has been in a bullish trend over the past few days. The top cryptocurrencies by market cap have so far moved by nearly 50% combined in the past 7 days.
FTT token is still in the red with little to no hope still holding it up. As of the time of writing, FTT is currently trading at $1.59, up by 1% in the last 24 hours.
