Former FTX US President Brett Harrison said cracks appeared in the relationship between him and Sam Bankman-Fried (SBF) six months into his tenure at the firm in a January 14 Twitter thread.
The friction grew when Harrison advocated for the independence and separation of the FTX US team and its parent company. Harrison recalled that this conflict made him see SBF’s “total insecurity and intransigence when his decisions were questioned.”
Harrison Highlights “Dramatic Change” in SBF’s Behaviour
Harrison said he initially saw SBF as a “promising” individual with “intellectual curiosity.” However, the early conflict highlighted the “dramatic change” in his behavior.
Meanwhile, Harrison suggested that a “contributing factor” to this change could be “addiction and mental health problems.” He said:
“Sam was uncomfortable with conflict. He responded at times with dysregulated hostility, at times with gaslighting and manipulation, but ultimately chose to isolate me from communication on key decision-making.”
SBF Allegedly Threatened Harrison’s “Professional Reputation”
The former FTX US executive alleged his professional reputation was threatened when he formally complained about the firm’s organizational problems. Harrison said he was instructed to retract the complaints and apologize to SBF.
Harrison continued that the event solidified his resolve to leave the exchange. However, he couldn’t leave abruptly, so he had to finish building, release the US stock brokerage, and oversee employees through their mid-year reviews.
On Fraud Charges Against SBF, Others
Meanwhile, Harrison said the fraud charges raised against SBF and his acolytes have been difficult for him to “assimilate.”
According to Harrison, he highlighted concerns he believed bedeviled growing start-ups. He continued that he never thought of them as fraud. He added that SBF and his inner circle perpetrated the scheme.
The former FTX US president said he and his colleagues would have reported them to the authorities if they suspected the fraud.
SBF was granted a $250 million bail and pleaded not guilty to the fraud charges. On the other hand, his acolytes like Caroline Ellison and Gary Wang have pleaded guilty to the charges against them.
FTX Collapse Impacted Harrison’s New Business
Also, Harrison stated how the exchange collapse had impacted his new business as investors are wary of associating with anything FTX.
Harrison further highlighted how his resignation was interpreted to mean knowledge of the fraud at FTX. He added that some have said he was seeking a “plea deal.” Harrison said:
“I haven’t been accused of wrongdoing and am not a target in any investigation.”
Harrison resigned from FTX US on September 27. Skybridge founder Anthony Scaramucci said he is investing in the former FTX US president’s company with his funds.
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