Former FTXUS president will share about FTX case in time

On Jan 9, 2023

NEW YORK, NY - DECEMBER 22: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted. He was released on $250 million bond with the bail package requiring him to stay with his parents in California. (Photo by David Dee Delgado/Getty Images)

Brett Harrison responded in a Twitter thread discussion about his future statement on FTX.

Brett Harrison is a former president of FTXUS and he stepped down from his role in Sep 2022, just less than 2 months before the FTX bankruptcy. Before joining FTXUS, Brett was working as a high-speed trading executive at Citadel Securities.

On 9 Jan 2023, A Crypto Twitter user asked Brett Harrison about the FTXUS ongoing problem and also asked when he came to know about this thing.

“What did you know about @FTX_Official US and when did you know it?”, Crypto Twitter user asked

The FTXUS former president responded and said that he will share in time.

I’ll share in time
— Brett Harrison (@BrettHarrison88) January 9, 2023

Later that guy asked from the FTXUS president whether he is in touch with US authorities regarding the FTX bankruptcy case or not. Brett didn’t respond to this tweet.

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Few people reported on Twitter that Digital Currency Group (DCG), which owns many Crypto companies, was already aware of the bad financial position of the FTX exchange. Circulating reports noted that the FTX exchange has been in a bad situation since May 2022.

FTX bankruptcy

For a few years, the FTX exchange was standing at second rank in the Crypto Industry, in terms of 24 hours global Crypto trade volume on its platform.

In late October 2022, a controversy started over the financial position of FTX & its sister company Alameda Research. Later in the first week of Nov 2022, Binance Crypto exchange decided to liquidate its FTX token holdings and for the same thing Binance CEO Changpeng Zhao announced on Twitter.

Many Crypto media reports claimed that Binance exchange was trying to kick out FTX company from the Crypto sector as a rival but in reality, Binance exchange came to know about the issue with FTX exchange.

Perhaps Binance never sold its FTX token holdings but still, that decision acted as a catalyst to create fear among the FTX customers and in that situation the majority of the FTX customers withdrew their funds from the FTX exchange.

In the first week of Nov 2022, FTX was not able to give more fund withdrawals to the customers, and finally on 11 Nov exchange filed for bankruptcy in a US district court, alongside several of its affiliated companies like Alameda Research, FTXUS, etc.