Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Mar 23, 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

Hong Kong News
Close
0:00
0:00
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
The US government has charged Chinese businessman Guo Wengui with leading a $1 billion fraud scheme that cheated thousands of followers out of their money.
Credit Suisse to borrow $54 billion from Swiss central bank
The BBC problem about China
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
'No relation to the American SVB': India's SVC Bank acts to calm depositors amid brand name confusion.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
A primitive judge in Australia sparked outrage when he told a breastfeeding woman to leave his courtroom for being “a distraction"
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
2 universities in Hong Kong embrace use of ChatGPT, other AI tools
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
Missing Chinese banker was working to set up Singapore family office
Hong Kong ditches Covid mask mandate after 945 days
Xi Jinping and His Wife Meet with Cambodian King Norodom Sihamoni and Queen Mother Norodom Monineath Sihanouk
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
When it comes to Tesla vs Lamborghini, an empty vessel makes more noise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
North Korea test-fires an intercontinental ballistic missile into the Sea of Japan west of Hokkaido
US bombed Nord Stream gas pipelines, claims investigative journalist Seymour Hersh
×