Saudi Press

Saudi Arabia and the world
Monday, Jan 30, 2023

'Shark Tank' host and FTX investor Kevin O'Leary defends Sam Bankman-Fried for demise of his cryptocurrency exchange

'Shark Tank' host and FTX investor Kevin O'Leary defends Sam Bankman-Fried for demise of his cryptocurrency exchange

"Shark Tank" host and FTX investor Kevin O'Leary said he is giving Sam Bankman-Fried the benefit of the doubt in the collapse of the cryptocurrency exchange. 
Fresh off his testimony to the Senate Banking Committee, O'Leary — who received $15 million from FTX as a brand ambassador — appeared on CNBC's "Squawk Box" on Friday, where he was grilled about his role in the company and Bankman-Fried's alleged fraud. 

"I don't have the facts," O'Leary said. "[New FTX CEO] John Ray doesn't have them yet. He's going to get them. I'm looking through my records. I'm willing to fund a forensic account of our accounts."

He continued, appearing to defend Bankman-Fried at various points during discussions with CNBC's Andrew Ross Sorkin, Joe Kernen, and Becky Quick.

"This is America. The justice system provides the presumption of innocence unless proven otherwise," O'Leary said. 

Bankman-Fried was arrested in the Bahamas on Monday, where he is in custody after US federal prosecutors charged the former CEO on eight counts including wire fraud and conspiracy to commit money laundering.  

Meanwhile, O'Leary is among several celebrity defendants — including NFL star Tom Brady and comedian Larry David — listed in a class-action lawsuit for publicly promoting FTX before its demise.

In the interview, O'Leary defended himself and fellow investors, noting the nature of risk involved in venture capital. 

"Obviously none of us would have wanted to be in this mess if we could've avoided it, but we just didn't know," he said. "Frankly venture investing is you could do all the due diligence you want, eight out of ten go to zero."

O'Leary told CNBC he believes creditors who lost money in FTX should be paid back first, while shareholders who assumed the risk should accept the loss. 

"The shareholders, of which I'm included, I don't think we should get anything back," he said. "We're venture investors, we're big boys, we lost our money, we understand it. I don't want anything back there until the people who had money in their accounts get theirs back."

In the same interview, O'Leary also defended himself against comments from Binance CEO Changpeng Zhao, who called the "Shark Tank" television host a "liar."

"Yesterday on the air, CZ called me a liar. That suggests I perjured myself in front of the US Senate for two hours this week. I can assure you that's not the case," O'Leary said.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
×