Kevin O’Leary, a venture capitalist, businessman, and TV personality, has come under fire from John Deaton for supporting Sam Bankman-Fried, the creator of the troubled cryptocurrency exchange FTX. The collapse of FTX resulted in the collapse of the entire crypto market sending shockwaves through the whole industry and driving the price of Bitcoin below $17,000
O’Leary, better known as Mr. Wonderful, recently discussed his thoughts on the future of both regulated and uncontrolled cryptocurrency exchanges in an interview with TraderTv live. Taking to his Twitter handle.
Following FTX’s filing for bankruptcy at the beginning of November 2022, O’Leary discussed with the host and said that he thought of it as a positive development in the situation. He noted that the Genesis cryptocurrency lender, a member of Barry Silbert’s Digital Currency Group, has also declared bankruptcy since that time.
O’Leary noted that the SEC is eagerly awaiting the compliance of another cryptocurrency platform. In other words, he thinks that over the coming few years, the value of regulated crypto exchanges would rise. In the meantime, the regulators will crash the uncontrolled ones.
Deaton recalled that O’Leary was one of FTX’s principal investors and that, following the collapse, he had urged giving Sam Bankman-Fried a second chance to revive FTX and recoup the lost funds.
Taking a look back, Binance offered to purchase FTX when it first stumbled upon a liquidity problem. FTX later withdrew from the agreement with CZ, claiming that Binance is unable to solve its difficulties.
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