FTX US ex-president reportedly seeks $6M funding to launch crypto startup

Just a month after the controversial fall of Sam Bankman-Fried’s FTX exchange and 130 affiliated companies, a former high-ranking executive is reportedly seeking out investors to launch a crypto startup.

The ex-president of FTX US, Brett Harrison, is on the lookout for $6 million in funding to launch a startup that would build crypto trading software for big investors, according to The Information. Harrison’s funding round would be against a $60 million valuation.

On Sept. 27, Harrison announced his plans to step down as the president of FTX.US as he moved into an advisory role — over a month before the infamous fall of FTX. As a result, the entrepreneur was not immediately accused of having direct involvement in misappropriating users’ funds.

However, after the FTX crash, Harrison, too, claimed to be “surprised and saddened” by what SBF and his accomplices were able to achieve through deception. Following FTX’s crash, a hacker managed to gain access to a part of the exchange’s funds and has been actively trying to siphon the stolen funds.

Most recently, the FTX hacker was found transferring a portion of stolen funds to OKX after using Bitcoin (BTC) mixer.

Related: FTX Japan drafts plan to return client funds

FTX Japan, one of 134 companies caught up in FTX’s bankruptcy proceedings, has been drafting a plan to return client funds.

On Dec. 1, FTX Japan confirmed that the user assets were separate from the exchange’s assets, as mandated by Japanese regulations.

Currently, FTX Japan claims its primary focus is to re-enable withdrawals and is reportedly aiming to do so by the end of 2022.

Sourced from cointelegraph.com.

Written by Arijit Sarkar on 2022-12-04 05:09:16.

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