Billionaires lose in the cryptocurrency market too! Billionaire businessman Kevin O’Leary revealed that he suffered from the collapse of FTX. O’Leary said he was ‘in zero’ after losing $9 million in crypto.
“Everything I deposited in the name of cryptocurrency has been reset!
The star of the TV show ‘Shark Tank’, Kevin O’Leary, is well acquainted with the cryptocurrency market. Because he is very involved with the market and does not hesitate to invest. Therefore, it is quite natural for them to suffer losses from their ventures in this market, which is struggling with severe waves. O’Leary revealed that his interest in crypto exchange FTX cost him millions of dollars.
Kevin O’Leary spoke on CNBC’s Squawk Box on December 8 and poured out his heart. The billionaire businessman said it would be “an understatement” to say he lost money while discussing the results of the stock market. However, FTX paid O’Leary $15 million to serve as a paid attorney for the now-bankrupt cryptocurrency exchange. Meanwhile, it is worth noting that some people have claimed that FTX has fraudulently gone bankrupt.
O’Leary also said he owns over a million dollars worth of FTX shares. However, these shares are now worthless due to FTX’s filing process for bankruptcy protection. The remaining funds, which are just over $4 million, are said to have been swallowed up by so-called taxes and agency costs, according to O’Leary. In this context, O’Leary makes the following statement:
I invested about $9.7 million in crypto. I guess that’s what I lost. All zero. I don’t know because my account was scrapped a few weeks ago. All data, all cryptocurrencies, everything. It was not a good investment. Then I also lost the money I invested in equity (stocks). They’ve never been either!
O’Leary’s due diligence with FTX
Meanwhile, FTX investors have interestingly filed lawsuits against O’Leary and many other celebrities, including Tom Brady and Larry David. Investors argue that exchange ambassadors should do more research and be more careful before approving the cryptocurrency company.
CNBC’s ‘Squawk Box’ hosts also raised questions about the Canadian investor’s inability to adequately examine the dangers associated with investing in and supporting FTX. O’Leary then admitted to being a victim of ‘groupthink’. He also claimed that none of his investment partners suffered financial losses.
O’Leary highlighted his close relationship with Sam Bankman-Fried (SBF), formerly FTX founder and former CEO. He has also put a lot of effort into promoting FTX on Twitter and other online platforms. Specifically, he said that when O’Leary started promoting FTX, the exchange’s compliance processes prompted him to invest in it. As you follow on Kriptokoin.com, it has come to light that FTX does not even have a regular accounting structure. In addition, allegations that SBF’s FTX affiliate Alameda used client funds received serious coverage.
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