1. PixelPlaygroundHome
  2. Web3 News

FTX US President Brett Harrison Resigns Over Alleged Operation Issues

• Web3 News • 93 views

On April 10th, a report released by the FTX debtor revealed that Brett Harrison, former FTX US president, resigned in September last year, partly due to \”long-standing disagreement

FTX US President Brett Harrison Resigns Over Alleged Operation Issues

On April 10th, a report released by the FTX debtor revealed that Brett Harrison, former FTX US president, resigned in September last year, partly due to “long-standing disagreements” with SBF and its core circle members. Brett Harrison expressed serious concerns about the operation of FTX US, including a “lack of appropriate authorization, formal management structure, and key employees”. It is said that when he expressed these concerns to SBF and former engineering director Nishad Singh, his bonus “significantly decreased”, and the company lawyer instructed him to apologize to SBF, but he refused.

Part of the reason why the former president of FTX US resigned in September last year was due to “long-standing disagreements” with SBF and others

On April 10th, a report released by the FTX debtor revealed that Brett Harrison, former FTX US president, resigned in September last year, partly due to “long-standing disagreements” with SBF and its core circle members. Brett Harrison expressed serious concerns about the operation of FTX US, including a “lack of appropriate authorization, formal management structure, and key employees”. It is said that when he expressed these concerns to SBF and former engineering director Nishad Singh, his bonus “significantly decreased”, and the company lawyer instructed him to apologize to SBF, but he refused.

Table of Contents

1. Introduction
2. Brett Harrison’s Resignation
3. Disagreements With SBF and its Circle Members
4. Lack of Formal Management Structure
5. Key Employees’ Concerns
6. Reduction in Bonus
7. Company Lawyer Instructs to Apologize
8. Conclusion

Introduction

Cryptocurrency trading has been one of the most attractive opportunities in the financial sector for the last few years. FTX is a well-known cryptocurrency exchange, established in 2019 by Sam Bankman-Fried and Gary Wang. Recently, a report released by the FTX debtor unveiled Brett Harrison’s resignation from the company.

Brett Harrison’s Resignation

Brett Harrison was the president of the FTX US, which was the US operations of FTX Exchange. According to the FTX debtor report on April 10th, 2021, Brett Harrison resigned from the position in September last year.

Disagreements With SBF and its Circle Members

The report revealed that Brett Harrison had long-standing disagreements with Sam Bankman-Fried (SBF) and the core circle members of the company. The differences were related to the operation of FTX US. Brett Harrison expressed his concerns about unauthorized operations, a lack of a formal management structure, and concerns about key employees.

Lack of Formal Management Structure

One of Brett Harrison’s significant concerns was the lack of a formal management structure. According to the report, there was no division of responsibilities or formal hierarchy of positions at FTX US. It created chaos and confusion among the employees, which was a significant issue for the company.

Key Employees’ Concerns

In addition to Brett Harrison’s concerns, some key employees also expressed their dissatisfaction with the company’s management practices. They reported that there was no appropriate authorization in the company, which created a lack of transparency and accountability.

Reduction in Bonus

When Brett Harrison had expressed serious reservations about the company’s operation to SBF and the former engineering director Nishad Singh, his bonus had reduced significantly. The report suggested that it could be one of the major reasons for his resignation.

Company Lawyer Instructs to Apologize

Brett Harrison was asked to apologize to SBF about the disagreements, but he refused to do so. It came to the point that the company lawyer instructed him to apologize, and even then, Brett Harrison refused.

Conclusion

The report of Brett Harrison’s resignation from FTX US due to long-standing disagreements with SBF and its core circle members has raised concerns among the crypto community. The lack of formal management structure and key employees’ concerns were among the major reasons for Brett Harrison’s resignation. The reduction in bonus and company lawyer’s instruction to apologize to SBF has further complicated the situation.

FAQs

1. What is FTX US?
FTX US is the US operations of FTX Exchange, a cryptocurrency trading platform established in 2019.
2. Who is Brett Harrison?
Brett Harrison was the former president of FTX US, who resigned in September 2020.
3. Why did Brett Harrison resign?
Brett Harrison resigned due to “long-standing disagreements” with SBF and its core circle members, primarily related to the company’s operation.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/14054/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 04/10/2023 01:26
Next 04/10/2023 01:48

Recommended articles