Brett Harrison, the president of cryptocurrency exchange FTX.US, announced Tuesday via Twitter social media that he is stepping down but will remain with the exchange in an advisory capacity.

“Over the next several months, I will be transferring my responsibilities and taking on an advisory role with the company,” Harrison posted on the popular social media platform.

According to his LinkedIn profile, Harrison took over as president of FTX.US in May of last year. But now, he is leaving at a time when the cryptocurrency exchange is acting as a “white knight bailout” for struggling crypto firms amid a market downturn that has plummeted most trading activities.

“This industry is at a number of crossroads. The one that matters most to me, as a financial technologist, is the intersection of the arrival of larger market participants and the increasing fragmentation and technological complexity of the market landscape,” Harrison wrote in networks. social. media.

While Harrison didn’t say what he plans to do next, he did state that “I will remain in the industry with the goal of removing technological barriers to the full participation and maturation of global crypto markets, both centralized and decentralized.”

Before joining FTX.US, Harrison worked for nearly two years at market maker Citadel Securities. Prior to that, he served as the chief technology officer of trading systems at investment firm Jane Street for seven and a half years.

Is the current financial crisis the cause of the resignation of the executives?

Harrison’s departure is one of many other high-profile recent resignations coming at a time when the crypto market shakeup cost thousands of job losses and triggered a round of consolidations.

A series of successions is setting the stage for a roughly decade-old changing of the guard in the industry. Many of cryptocurrency’s most prominent leaders, such as Michael Saylor, Jesse Powell, are technologists who discovered digital assets early, cultivated huge followings, and didn’t hesitate to express their beliefs online.

The wave of change began in early August with Saylor, who founded MicroStrategy in 1989, announcing his resignation as the company’s longtime CEO to focus more on Bitcoin. Two weeks later, the CEO of troubled cryptocurrency broker Genesis, Michael Moro, resigned.

On August 24, Sam Trabucco, co-CEO of Alameda Research, the trading firm founded by FTX CEO Sam Bankman-Fried, announced his resignation to “prioritize other things.”

Last week, on September 21, crypto exchange Kraken announced that its co-founder, Jesse Powell, will step down as CEO and be replaced by COO David Ripley. And yesterday, the CEO of bankrupt crypto lending firm Celsius Network, Alex Mashinsky, also announced his resignation.

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