The former CEO of FTX.US, the US branch of the platform, broke his silence. He paints a picture of the tyrannical, unstable, and angry Sam Bankman Fried.
A few months after the FTX crash, the revelations are piling up. According to lawyers in charge of bankruptcy proceedings in the United States, the financial management of the stock exchange was simply disastrous. While brewing billions of dollars in cryptocurrency, the company was sorely lacking in structure and professionalism. For example, there was no real accounting department within the company.
Accounts also show that FTX has been spending Overpaid For restaurants or luxury apartments … while the collapse of the cryptocurrency has gradually eroded its cash reserves. It is not surprising that Sam Bankman Fried (SBF), CEO and founder of the FTX empire, took responsibility for this historic disaster.
Sam Bankman-Fried is seeking clearance
On charges of embezzlement, the Bahamas police arrested the former billionaire in December. Back on US soil, he was able to negotiate bail pending his trial, scheduled for October. Under house arrest in California, the former white crypto knight continues to maintain his innocence.
https://t.co/XVd0BPHxEU
– SBF (SBF_FTX) January 12, 2023
In an article published last week, Sam Bankman-Fried appears to be willing to do anything for him Blame others. The businessman does not hesitate to point a finger at Alameda Research, the trading company he left the presidency in 2019 to devote himself to FTX. According to him, the company, led by Carolyn Ellison, did not take enough precautions to protect itself from the collapse of crypto assets. It was the fall of Alameda that would have spelled the death of FTX.
“I haven’t managed Alameda in a few years,” Remembers Sam Bankman-Fried, who was nevertheless the majority shareholder in the company tradeFamous for its aggressive strategies.
Sam Bankman-Fried also confirms that FTX has been a victim ofAttack orchestrated by Binance, the industry’s number one exchange platform. In fact, one of the first things that caused FTX users to panic was a tweet from Binance CEO Changpeng Zhao. However, it was a CoinDesk media investigation that ignited the fire, revealing the bankruptcy of the FTX empire.
Read also: After the FTX debacle, what does 2023 hold for us?
Behind the scenes of the FTX empire
Under the spotlight since FTX’s bankruptcy, Brett Harrison, former President of FTX.USShe finally agreed to reveal it behind the scenes. The man led the exchange’s American division from May 2021 to September 2022. He resigned less than two months before FTX’s bankruptcy, and remains unclear about his reasons for leaving.
1/49 Many have asked questions about my time at FTX US and why I left when I did. As I noted earlier this week, I’m excited to begin sharing my experiences and perspective publicly.
—Brett Harrison (@BrettHarrison88) January 14, 2023
in threadHarrison directs bitter record for his collaboration with Sam Bankman-Fried. He remembers working with SBF before FTX and Alameda were born within a company trade Jane Street Capital. At that time, the future billionaire was very popular: he was ” A sensitive, intellectually curious person who cares about animals.”Harrison says. As the SBF later admitted, it was just a cover to repair its image.
According to him, the founder of FTX has gradually transformed Where his platform gained momentum. After agreeing to take the helm of FTX.US, Harrison understood how the company was really run. Apparently, Bankman-Fried could not stand the slightest contradiction:
“She recognized in this first conflict a sign of total insecurity and intransigence when her decisions were questionable.”.
Drug addiction and threats
Shocked by the aggressive contact with the SBF, Harrison has no hesitation attributing this drastic personality change to the SBF Take drugs. The CEO believes the drugs severely affected Sam Bankman-Fried’s mind:
“I have family and friends who struggle with addiction and mental health issues, and I have seen how these issues often appear without warning in early adulthood.”.
Arrested by a Bahamian judge, Sam Bankman-Fried indicated he took 10mg of Adderall every four hours, accompanied by Emsam patches for depression. By his own admission, he uses these Two derivatives of amphetamineunder prescription, for years.
To avoid harassment, the founder of FTX put pressure on his collaborators. After writing a letter opposing the SBF’s strategy, Harrison claims he received threats to force him to back down:
Sam was uncomfortable with the conflict. He would sometimes respond with hostility. […] I was threatened with being fired with a toxic name and ruining my professional reputation. I have been asked to officially retract what I wrote and apologize.”.
That is why he preferred to leave the ship. To avoid a sudden departure, the executive branch gradually delegated his responsibilities before announcing his resignation. Brett Harrison says he never suspected the company of embezzlement and fraud. Seen from his window, it was just ” Administrative and organizational problems ».
In hindsight, the former CEO sees that FTX’s fraudulent activities were knowingly It was orchestrated by Sam Bankman-Fried and his inner circle. After being left out of the most important decisions a few months after his arrival, Harrison could no longer suspect what was going on. US Justice does not suspect him of participating in the fraud.
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