Shark Tank investor Kevin O’Leary is breaking his silence about missing the red flags when it came to doing business with former FTX CEO Sam Bankman-Fried.
In a new interview on Stansberry Research, the celebrity businessman, who served as a spokesperson for the now-bankrupt crypto exchange, says he was surprised by the collapse of FTX, which happened after traders pulled out $6 billion worth of assets from the platform in a span of just 72 hours.
“I don’t get it right every time. I don’t. I’ve made thousands of investments, they’re not all winners. All of us that have talked about this, all of us on that cap table, we’ve all talked to each other. We’re stunned, but we don’t have any answers yet and so I would actually like to know how this one went down.”
O’Leary, who is facing a class action lawsuit along with a number of other celebrities who promoted the beleaguered exchange, says the truth about what happened to FTX will be uncovered during a legal battle.
“At the end of the day, it’s got to be facts. The whole thing has to be driven by the truth and we don’t have it yet, so I’d like to get the truth, that’s what I’m after…
During that process, we’re going to get to the truth when litigation scrapes to the truth. That’s what’s going to happen. So look, I would have rather not been involved in this but it doesn’t change anything I do and it doesn’t change my policy of transparency.”
According to O’Leary, blockchain data is what will shed light on the disintegration of the once-prominent crypto exchange.
‘The one unique thing about this situation versus other financial collapses and calamities and disasters, everything that occurred here is on the blockchain. Every single transaction is recorded. You may not know who the wallet is, who owns it or who stole it, whatever these allegations are, but every single transaction will be found and so there’s no hiding from it. It’s going to come clean.”
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