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FTX ex-president plans new crypto startup

FTX

TL;DR Breakdown

  • FTX’s ex-president wants to float a new company
  • Brett Harrison plans to create a new software
  • The company’s woes continue to deepen

A former employee of the United States arm of the embattled crypto company FTX has taken up the initiative to launch a new crypto startup. According to the report, the former president of the U.S. arm of the crypto outfit is presently looking for investors to fund his crypto project. The report mentioned that the person in question, Brett Harrison, is looking at funds above $6 million to kickstart his crypto project.

Brett Harrison wants to create trading software for big clients

In the report released by The Information, Harrison wants to float a company that will develop trading software that will serve only large-scale investors. The funding round is also suspected of drawing in funds valued at around $60 million. Harrison broke the decision to step down from the company on September 27, announcing that he would take up an advisory role at the firm.

Notably, this was precisely a month before the fall of the company. As a result of his timely decisions, he was left out of all the name-callings that ensued when the company suffered the mishap. However, after the incident, Harrison took to Twitter to console those affected while showing his surprise at the news.

FTX woes continues to deepen

FTX is still in hot waters as things are going from bad to worse for the company and its investors. Some days after the crash, the news was that malicious actors gained illegal access to the company’s finances and siphoned funds. A more recent report claimed that the hacker used a mixing service to camouflage the funds and moved a portion of it to OKX, another crypto exchange. Meanwhile, other arms of the company are trying to return users’ funds.

Despite being one of the few arms involved in the issue, FTX Japan has been making plans to ensure that users’ funds are returned to them. The company claimed that as per Japanese regulations, funds owned by the company were kept separate from funds held by users. As it stands, FTX Japan is looking for a window to enable users to withdraw their funds, with the company earmarking the end of the year for the activity. Meanwhile, only a little has been seen of SBF over the last few weeks since the incidents.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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