Following divergent remarks over the collapse of crypto exchange FTX, CBNC contributor and Chairman of O’Shares and Beanstox, Kevin O’Leary has tacitly defended the former FTX Boss Sam Bankman-Fried on the FTX imbroglio.
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) December 6, 2022
Speaking in an interview with Yahoo Finance on Dec. 6, Kevin O’Leary asserted that the truth about FTX collapse can easily be discovered with the use of blockchain technology. He thus enjoined everyone in the crypto community to be calm on the matter.
Shark Tank investor Kevin O’Leary on getting his money back from FTX. pic.twitter.com/c83Zmi6QR3
— Yahoo Finance (@YahooFinance) December 6, 2022
O’Leary stated that SBF should be treated as innocent unless evidence shows that he has committed fraudulent transactions. He further called for an independent audit of the collapsed FTX exchange in order to uncover the whereabouts of clients’ funds.
Recall that SBF stated in an exclusive interview with New York Times Journalist Andrew Sorkin at NYT DealBook summit on Nov. 1 that he was not guilty of fraud, a statement that has drawn the ire of many people in the crypto community.
"I've had a bad month." Sam Bankman-Fried’s $32 billion cryptocurrency exchange, FTX, plunged into bankruptcy this month. He said his lawyers did not want him to talk, but he answered questions at The New York Times DealBook Summit. https://t.co/IKEPcphTDm pic.twitter.com/qYSSCEaDuO
— The New York Times (@nytimes) November 30, 2022
Meanwhile, O’Leary went further to explain that blockchain technology will ensure that exchange’s transactions are 100% auditable. As a result, there is a tendency that the truth about FTX will definitely be established if audited.
He maintained that investors will be able to recover part of their money if not all once an audit is conducted.
Updates on FTX Fiasco ahead Dec. 13 House Hearing
While SBF has tacitly informed the House Financial Services Committee that he might not honour the Dec. 13 invitation, the Committee Chair Maxine Waters had fired back, insisting that he must show up at the hearing.
Amidst the emerging conflict between the House and SBF, the MicroStrategy executive chairman Michael Saylor, had also slammed SBF for allegedly involving in ‘shitcoinery.’
Saylor explained that SBF operated his exchange unethically by issuing out unregistered security, which he harped was a clear manifestation of greed, arrogance and foolishness.
It is noteworthy that the fall of FTX has ignited the call for the use of self-custody wallets. Even Binance CEO Changpeng Zhao, being the head of a centralized exchange has also advocated for a self-custody wallet.