This time last year, Sam Bankman-Fried was viewed as one of crypto’s good guys. His ability to spout off about financial inclusion while simultaneously playing video games fascinated many in this industry, myself included. That’s why his descent from crypto hero to villain was so shocking.
Now, four months after CoinDesk’s award-winning news coverage brought down FTX, there are so many questions left unanswered. How were we all so easily fooled by this scheme? What was really going on inside FTX and Alameda? Where does the industry go from here?
For this year’s Consensus gathering, we have set out to answer as many of these questions as we can. That’s why we’ve invited former FTX US President Brett Harrison to take the stage alongside Anthony Scaramucci, a hedge fund manager whose firm, SkyBridge Capital, invested in SBF's exchange (and vice versa). During “FTX: What Happened?,” taking place on the Mainstage on Thursday, April 27, Harrison and Scaramucci will reflect on how it all went wrong, what they'd do differently, and how they are re-engaging and working to build a better industry.
Who is Brett Harrison?
Brett Harrison served as the president of FTX.US from May 2021 until he stepped down from the position at the end of September 2022. After the crypto exchange’s collapse a few weeks later, Harrison took to Twitter to criticize his former boss.
“It’s clear from what has been made public that the scheme was held closely by Sam and his inner circle at FTX. com and Alameda, which I was not a part of, nor were other executives at FTX US,” Harrison wrote. “I understand now why they carefully concealed their criminal activity from us. We have extensive professional networks, our own lines of communication with U.S. regulators and our own authority to speak to U.S. media.”
In late January, CoinDesk reported that Harrison’s crypto startup, Architect, has raised $5 million. Architect is a trading technology company that bridges centralized and decentralized digital asset markets through trading software tailored toward large investors and institutions.
Among those investing in Harrison’s new project is fellow Consensus speaker, Anthony Scaramuccci.
Who is Anthony Scaramucci?
Anthony Scaramucci is a Wall Street veteran with over 30 years of experience. In 2005 he founded SkyBridge Capital, a global alternative investment firm that invested heavily in SBF’s exchange. It is reported that SkyBridge lost 39% of the value of its biggest fund in 2022 thanks to bad crypto-related bets, including its equity partnership with FTX.
Scaramucci is also known for briefly serving as the White House director of communications under President Donald J. Trump and for founding SALT, a finance conference that brings together investors, entrepreneurs and policymakers.
In January, Scramucci joined CoinDesk’s “First Mover” live from the World Economic Forum in Davos, Switzerland, to discuss the collapse of FTX, its impact on SkyBridge Capital and its continuing domino effects.
He said he had believed SBF was a good friend, one whom he introduced to high-profile hedge fund managers and public officials as the principal sponsor of the SALT conference. He also said Bankman-Fried betrayed investors by using backdoor accounting to obfuscate his misdeeds from venture capitalists and due diligence teams.
“I’m not playing victim about it. I’m not doing anything but moving forward,” Scaramuuci added. “What good entrepreneurs do is they accept the blows in life and they accept their losses. Whether it's a fraudulent loss like Sam, or maybe I've made investments in my life that have gone to zero, I’ve also made investments in my life that I've made 30 to one on. So, it happens. I'm not going to sit here and blame Sam for any of the woes of SkyBridge or any of the woes in the cryptocurrency market.”
Scaramucci recently invested in former FTX US President Bret Harrison’s new venture. He told CoinDesk, “This is from my personal money into Brett Harrison’s new business. I made that investment as a friend. I made that investment as a long-term supporter of Brett. I think he is a very ethical guy. I think he got blindsided by the FTX international situation.”
Get an Inside Look at What Happened at FTX at Consensus 2023
Brett Harrison and Anthony Scaramucci will join Consensus to share their first-hand experience with the collapse of FTX and give some insights on how situations like this can be avoided in the future.
Register for Consensus 2023 to join “FTX: What Happened” and hear Harrison and Scaramucci tell all.
Register Now