A former senior executive is reportedly looking for investors to fund the launch of a cryptocurrency startup just one month after the contentious collapse of Sam Bankman-FTX Fried’s exchange and 130 affiliated companies, as reported by Cointelegraph.
According to The Information, Brett Harrison, the former president of FTX US, is seeking $6 million in funding to establish a startup that will create cryptocurrency trading software for large investors. A $60 million valuation would be used for Harrison’s funding round.
Over a month before the collapse of FTX, Harrison made his resignation as president of FTX.US official on September 27. He then transitioned into an advisory position. As a result, the businessman was not immediately charged with having a direct hand in the theft of users’ money.
One of the 134 businesses involved in FTX’s bankruptcy proceedings, FTX Japan, has been developing a strategy to return client funds.
As required by Japanese law, FTX Japan confirmed on December 1 that the user assets were separate from the exchange’s assets. FTX Japan states that re-enabling withdrawals is currently its main priority and that it plans to accomplish this by the end of 2022, Cointelegraph further noted.
(With insights from Cointelegraph)