Former FTX US President Brett Harrison Details fallout with SBF in ‘Disputes Over Management Practices’
Brett Harrison, former president of FTX US, has revealed that he left the crypto exchange due to a deteriorating relationship with Sam Bankman-Fried and his deputies over management practices.
In a long Twitter thread on Saturday, Harrison shared some details regarding his time in FTX US, the US arm of FTX, where he worked for 17 months before departing in late September 2022. At the time, he didn’t disclose why he is leaving his role but said he will remain as an advisor at the company.
However, now Harrison says disputes with Sam Bankman-Fried and his deputies over management practices at FTX forced him to leave the role. He said:
“The truth was that FTX US hadn’t felt to me like the dream job it appeared to the industry and media for some time, and my departure was not abrupt.”
4/49 My relationship with Sam Bankman-Fried and his deputies had reached a point of total deterioration, after months of disputes over management practices at FTX.
— Brett Harrison (@BrettHarrison88) January 14, 2023
Harrison detailed that SBF, who was his former colleague at Jane Street, asked him to join FTX US “casually over text” in late March 2021. “My first few months at FTX US were wonderful,” he said, adding that he worked largely independently of SBF.
The former crypto boss said he advocated for “establishing separation and independence for the executive, legal, and developer teams of FTX US” from FTX International, to which SBF disagreed.
“I saw in that early conflict his total insecurity and intransigence when his decisions were questioned, his spitefulness, and the volatility of his temperament.”
21/49 Standing up to an insecure, prideful manager is hard under any circumstance. But it’s nearly impossible when every day, every major voice of culture and commerce deafens you with a narrative that implies if you disagree with your manager *you* clearly must be wrong.
— Brett Harrison (@BrettHarrison88) January 14, 2023
Nevertheless, Harrison said his growing disagreement with SBF led to him being isolated from communication on key decision-making. In April 2022, he allegedly made a written formal complaint and warned to “resign if the problems weren’t addressed.”
“In response, I was threatened on Sam’s behalf that I would be fired and that Sam would destroy my professional reputation. I was instructed to formally retract what I’d written and to deliver an apology to Sam that had been drafted for me.”
31/49 So I gradually wound down, finished building and releasing the US stock brokerage, and saw FTX US employees through their mid-year reviews.
— Brett Harrison (@BrettHarrison88) January 14, 2023
Last week, in response to a Twitter user who asked Harrison what did he know about FTX US and when did he know it, he replied, “I’ll share in time.”
Prior to joining FTX US, Harrison had worked for almost two years at market maker Citadel Securities and more than seven years as the head of trading systems technology at investment firm Jane Street.
In December, The Information reported that Harrison is seeking to raise $6 million for a new crypto startup focused on building crypto trading software for big investors at a valuation of $60 million. In his recent Twitter thread, he also noted that he has been struggling to find investors due to his involvement with FTX.
