Former FTX US boss spoke about “evil” former CEO Sam Bankman-Fried and the troubles at the collapsed crypto exchange. Here are 10 things we just learned from his top quotes.

  • The ex-president of the FTX subsidiary in the United States shared his view on the problems of the now bankrupt crypto empire.
  • Brett Harrison said founder Sam Bankman-Fried was “spiteful” and revealed what happened when he spoke up.
  • Here are 10 things we learned from Harrison’s huge Twitter thread this weekend, in his best quotes.

Former senior FTX chief executive Brett Harrison spoke about the problems at the now bankrupt crypto exchange and his experience with fixing them – with a lot of criticism of founder Sam Bankman-Freed.

Harrison, who was president of the group’s affiliate FTX.US, made his revelations in 49 part twitter thread on Saturday.

He stepped down from his position in September, before the FTX crash in November, and is now trying to raise $6 million to start a new crypto startup.

Meanwhile, U.S. Attorney’s are investigating what they called a “fraud of epic proportions” at the FTX group of companies in which $8 billion of client funds are believed to be missing. They filed eight criminal charges against Bankman-Fried, and the CEO of its trading arm, Alameda Research, pleaded guilty to fraud.

Here’s what Harrison had to say about Bankman-Fried, the lack of transparency, and how he was treated when he flagged problems.

Here are Harrison’s top 10 quotes, lightly edited and condensed for clarity:

1. “My relationship with Sam Bankman-Freed and his deputies reached the point of complete deterioration after several months of arguing over FTX’s management practices.” (On his decision to retire after 17 months on FTX.US.)

2. “From the beginning, I noticed that although Sam rarely dealt with US affairs, decisions affecting the US came unannounced from the Bahamas.”

3. “After six months at the company, cracks began to form in my relationship with Sam. Around the same time, I began to actively advocate for the separation and independence of the executive, legal, and development teams of FTX US and Sam. disagree.”

4. “In this early conflict, I saw his complete insecurity and intransigence when his decisions were questioned, his spitefulness and the fickleness of his temperament. I realized that he was not who I remembered him to be.”

5. “There was a lot of pressure to disagree with Sam, but I agreed anyway. During that time and throughout my time at FTX US, his influence on the media, FTX partners, the venture capital industry has been all-encompassing and uncompromising.”

6. “Confronting an insecure, proud manager is difficult under any circumstances. But that’s next to impossible when every day every major voice of culture and commerce deafens you with a narrative that implies that if you don’t agree with your manager, *you* must be wrong.”

7. “Sam didn’t like conflict. Sometimes he reacted with uncontrollable hostility, sometimes with gaslighting and manipulation, but in the end he chose to isolate me from communication about making key decisions.”

8. “I wasn’t the only one at FTX US who disagreed with Sam and members of his inner circle. FTX US was staffed by experienced professionals from US financial firms, law firms and regulated exchanges.”

“Our collective experience and professional acumen has often been seen as irrelevant and unhelpful. It was very frustrating for all of us.”

8. “I raised concerns within the company, believing that the managerial and organizational issues I encountered were typical of growing startups, and that my role as an experienced CFO was to correct them and usher in the next phase of the company’s development. . height.”

“I never could have guessed that at the heart of such problems — which I have seen in other more mature firms in my career and believed that they would not be fatal to the success of the business — was a multi-billion dollar fraud.”

6. “At the beginning of April 2022, in the eleventh month of my existence, I made one last attempt. I filed a written formal complaint about what I considered to be the biggest organizational issues hindering FTX’s future success. I wrote that I would resign if there were no problems.” t applied.

“In response, I was threatened on behalf of Sam that I would be fired and that Sam would destroy my professional reputation. I was ordered to formally retract what I had written and to offer Sam an apology that was written for me.”

9. “From what has been made public, it is clear that the scheme was closely linked to Sam and his inner circle at FTX. com and Alameda, which I wasn’t a part of, as were other FTX US executives. Now I understand why they carefully concealed their criminal activities from us.”

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