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Kevin O'Leary, a Shark Tank investor, discussed the latest FTX problem in an interview with Yahoo Finance Live. They discussed his viewpoint on SBF, his involvement in the financial crisis, and his future plans for cryptocurrency.
On FTX, Kevin O'Leary held corporate accounts. He actually worked as a paid investor and ambassador for the platform. Information concerning the bad management that caused the FTX crash and to shake the crypto industry last month is slowly coming to light. Allegedly, they are combining clients' money with Alameda Research, SBF's cryptocurrency trading division. So what is O'Learys' perspective on the matter?
O'Leary asserted during the interview that he will receive his money back from FTX. He added that an audit of the now-defunct cryptocurrency exchange is required. This process is essential to figuring out whether Sam Bankman-Fried has committed any misconduct. He declared:
“Keep your phasers on stun until we obtain the facts, then we are going to get that money back. Who’s going to jail? I am clueless. Who was dishonest? I am clueless. But I’ll investigate.”
He went on to say:
“I belong to the camp of individuals who believe that you are innocent until proven guilty. That is what I think. And I need the details. Therefore, if you tell me that you did or did not do anything, I will trust you until I discover that it is untrue.”
“Right now, SBF is being attacked by people all over the world, accusing him of being a fraudster. People are stating that the money was stolen and buried elsewhere. If we have no mechanism to audit it, how can anyone know that?”
O'Leary thinks that FTX is still completely auditable even if it is now in a terrible shape. We will leverage blockchain technology, which was designed for financial transactions. The audit will reveal the truth once it has been completed. Then, they can bring legal action against the lawbreaker. Kevin O'Leary believes that until we get the data, we shouldn't make irrational claims regarding SBF.
Final Thoughts
Innocent unless proven guilty, according to O'Leary. In theory, it makes sense. However, many people have lost everything they had saved and their lives as a result of FTX. What is still unknown is whether or not these people can recover. It would take a miracle to get the money back. How are they going to wait until the audit results are out before waiting for a court decision? The easiest approach to finish this chapter and move on is to end it right away and look for a better trade.