The Rise and Fall of FTX: A Personal Account

Brett Harrison, the former president of FTX US, has spilled the beans on his tumultuous relationship with Sam Bankman-Fried. The drama began casually through a text in March 2021, when Harrison joined the crypto exchange after years at Jane Street. Fast forward six months, and it was as if the office had become a reality show, with cracks in their professional bond leading to explosive confrontations.

Sensitive to Spiteful: The Changing Dynamics

Initially, Harrison painted Bankman-Fried as a “sensitive and intellectually curious” guy. But, as conflicts arose—specifically when Harrison suggested structural changes for FTX US—Sam’s mask began to slip. In Harrison’s words, he saw “total insecurity and intransigence” when Sam’s decisions faced scrutiny. Talk about a mood swing!

Manipulation at the Top: A Disturbing Pattern

The plot thickens. Harrison described his experiences as a mix of gaslighting and manipulation. Instead of constructive dialogue, he faced threats regarding his job security and reputation. Apparently, Bankman-Fried didn’t take too kindly to proposed changes and responded with some intense intimidation tactics. Harrison’s last effort to address the organizational mess came with a chilling ultimatum: apologize or suffer dire consequences.

Leaving the Sinking Ship

After feeling the heat of those threats, Harrison decided to jump ship. He mentioned that the tipping point was the pressure to retract his writing and submit an apology that felt more scripted than sincere. Sometimes, it’s better to leave before the building catches fire, and Harrison made the right call—his exit came just weeks before the FTX disaster unfolded.

Blindsided by Fraud: The Shocking Revelation

In the wake of massive fraud allegations against Bankman-Fried, Harrison expressed disbelief. He didn’t see the signs of a multi-billion-dollar fraud lurking beneath what he thought were typical corporate challenges. “If we’d known the truth, we would have reported them immediately,” he lamented. It’s a case of being blindsided that many employees at other firms can only hope to avoid.

Final Thoughts: The Crypto Rollercoaster

As we look back at the cascade of events surrounding FTX, Harrison’s insights offer a cautionary tale about corporate culture and the importance of accountability. Sam Bankman-Fried’s dramatic fall from grace serves as a reminder that even the most vibrant personalities can shroud their insecurities and lead others to ruin.