Has Former FTX US President Brett Harrison Cut Deal With Prosecutors, Is There Hope for Depositors

Brett Harrison, the former president of the FTX US exchange, has said he will disclose the details he knew about the company. Harrison responded to a tweet asking him to share what he was aware of regarding FTX US operations and whether he expected charges to be brought against him.

FTX US President says he will share exchange details in time

Harrison posted an initial tweet questioning why some of the small cryptocurrency exchanges failed to undergo a public listing earlier. The tweet generated multiple responses, but the most common one asked the former executive to share what he understood about the operations of FTX and whether he expected to go to jail.

On the question of whether he expected to serve jail time, Harrison responded, “use powers of inference.” Some responses also asked him to shed light on FTX operations, to which he responded, “I’ll share in time.”

Harrison resigned as the President of FTX US towards the end of September 2021. His resignation came a few weeks before FTX US filed for bankruptcy after failing to meet customer withdrawals.

Harrison joined FTX US in May 2021. He moved to the exchange after leaving the Citadel Securities capital; markets firm. His goal at the exchange was to help it build its presence in the US and establish the exchange’s headquarters in Chicago.

FTX executives face criminal charges

The FTX exchange executives are facing multiple criminal charges in the United States. The former FTX CEO, Sam Bankman-Fried, has been charged with eight counts of conspiracy and fraud. However, Harrison, who headed the FTX US operations, is yet to be charged with any wrongdoing.

Last week, Bankman-Fried pleaded not guilty to all the charges facing him. His trial is expected to commence in October. In the recent plea hearing, federal prosecutors said they would release thousands of documents about the case. These documents include the ones shared by FTX, and they could shed more light on what happened at the exchange. The prosecutors have also said that the discovery process is still ongoing.

Bankman-Fried was arrested in the Bahamas last month. After being extradited to the United States, Bankman-Fried was freed on a $250 million bail secured by his parent’s house and the signatures of two other people. The judge granted Bankman-Fried’s request to have the names of the two people that guaranteed his bail remain private.

While Harrison is yet to face any charges, two other executives at the exchange have also faced criminal charges. The former CEO of Alameda, Caroline Ellison, and the CTO and co-founder of FTX, Gary Wang, have pleaded guilty to fraud charges. The two are also working with federal prosecutors on the case.

The charges facing the FTX executives have been filed by multiple regulatory bodies in the US, including the Department of Justice, the Securities and Exchange Commission, and the Commodity Futures and Trading Commission.

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