The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Kevin O’Leary Says FTX Collapse Makes Him and Other Investors in the Crypto Exchange ‘Look Like Idiots’

by Daily Hodl Staff
December 9, 2022
in Scams, Schemes and Hacks, Trading

Shark Tank star Kevin O’Leary says that the collapse of FTX made him and other prominent investors look ‘like idiots.’

In a new interview on CNBC Squawk Box, O’Leary says former FTX CEO Sam Bankman-Fried being an American citizen subject to US laws contributed to making the company an attractive investment for institutional investors.

He also says that some of the narratives centered around Bankman-Fried, such as having parents who are compliance lawyers, kept investors from thinking anything was amiss.

“I obviously know all the institutional investors in this deal. We all look like idiots. Let’s put that on the table. We relied on each other’s due diligence, but we also relied on another investment theme that I felt drove a lot of interest in FTX.

Sam Bankman-Fried is an American. His parents are American compliance lawyers. There were no other [large] American exchanges to invest in if you wanted to invest in crypto as an infrastructure play.”

O’Leary was a crypto critic early on, but later became a highly-paid spokesperson for FTX as well as an investor. He says his position changed after he noticed increased crypto adoption around the world.

“I recall that conversation calling [crypto] garbage right here on this show in 2017. That was a time when a New York hotel was being tokenized here, and I was looking at that and the regulator let me know they were not happy with that idea.

And that’s when I stepped away from this because clearly the regulatory environment was not prepared. Then facts changed. I saw the Canadians issue the first ETF [exchange-traded fund] with Bitcoin. Then Switzerland opened up. Then Australia opened up and then I said, ‘Wait a second, world’s changing, I got to be an investor.’ And that started my journey. I’m an investor in the largest regulated exchange in Canada called WonderFi.”

The business magnate also reveals that he was paid about $15 million to act as an FTX spokesperson. He says he invested $9.7 million worth of crypto in an FTX account, which is now at $0.

He says he is working to retrieve his lost funds from the account and also notes that $1 million he invested in FTX’s equity.

I

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Masterofedit69

Submit a Press Release

Industry Announcements

  • Binance Launches Free Tax Tool To Provide Tax Details for Crypto Transactions in First Step of Global Launch
    February 6, 2023
  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,009.16
$23,009.16
0.7%
Ethereum
$1,639.46
$1,639.46
0.63%
Cardano
$0.388537
$0.388537
0.28%
XRP
$0.397304
$0.397304
0.27%
Dogecoin
$0.091216
$0.091216
0.52%

Spotlight

  • Analyst Says Three DeFi Altcoins Are Flashing Strength Amid Crypto Pullback, Updates Outlook on Bitcoin
    February 1, 2023
  • Top Trader Updates Outlook on Ethereum Rivals Cardano and Fantom, Says Bitcoin Must Hold $23,000 to Avoid Larger Pullback
    February 3, 2023
  • Bloomberg Analyst Warns Rise of Solana, Avalanche Could Be Thwarted by Polygon and Other Ethereum Layer-2s
    February 6, 2023
  • Bitcoin, Solana and Additional Ethereum Rival Have Higher To Go, Says Top Crypto Analyst – Here Are His Targets
    February 2, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl