In an agreement with FTX, Kevin O'Leary lost $15 million.
O'Leary is still optimistic about cryptocurrency's long-term prospects.
Kevin's involvement in FTX has been criticized by Binance CEO CZ.
Of the several prominent figures who were directly or indirectly involved in it, either through sponsorship deals or as investors.
Recently, Shark Tank star Kevin O'Leary revealed in an interview with CNBC that he has lost nearly all of the $15 million that the now-bankrupt crypto exchange FTX paid him to be its official spokesperson.
Kevin O'Leary agreed that the total amount of the deal was just around $15 million before adding:
“I invested approximately $9.7 million in cryptocurrency. That's what I thought I lost. I'm not sure. Everything is at zero.”
However, he still remained optimistic about the broader crypto industry. He recently tweeted that "this entire FTX debacle changes nothing in terms of crypto's long-term potential."
Despite showing a positive attitude towards the crypto Industry, Binance CEO CZ criticizes Kevin O’Leary for his misconduct.
On Dec 09, Binance CEO CZ in a Twitter thread criticized O'Leary's connections with FTX and Sam Bankman-Fried. CZ asserted that O'Leary, who was once a skeptic of cryptocurrency, altered his tune after receiving a $15 million payout from the now-defunct exchange.
CZ noted that the company exited the crypto exchange FTX 1.5 years ago, in July 2021. Since then, FTX has invested more than $5.5 million in a range of companies. FTX also spent money on sports partnerships such as Miami Stadium, various Super Bowl advertisements, baseball referees, and Formula One racing.
Sam Bankman-Fried also made large political donations and purchased high-end real estate. He mismanaged customer funds through his hedge fund Alameda Research.
However, O'Leary still has expressed ambiguous support for SBF, claiming that he doesn't understand how people can “say he's guilty before he's even tried.”
CZ went on to say that O'Leary was foolish to give SBF the benefit of the doubt and that he was only a "poster child" used to legitimize fraud.
Binance CEO further stated that following Binance's exit from FTX, SBF primarily invested in friends in the media, policymakers, and celebrities such as Kevin. Binance CEO believes SBF manipulated public opinion by criticizing him and others in the crypto industry.
Later, CZ compared FTX to Binance, claiming that despite being one-tenth the size, they spend 100x more on marketing, parties, and trips. CZ then stated that despite spending less on marketing it has a stronghold in multiple jurisdictions and that it has more regulatory licenses than any other crypto exchange.
CZ concludes his piece by saying that “if Kevin is seeking for someone to blame for FTX's collapse, he could start with his investment partner, Sam, and then perhaps the man in the mirror.”
The larger crypto community is currently waiting for Kevin's comment on this Twitter thread. However, the CZ thread adds a new chapter to the FTX collapse, which experts believe has many more links.
What are your thoughts on Kevin O'leary's involvement in the FTX debacle and why he is still defending SBF? Share your thoughts in the comment section below.
Read also: Three Long-Term Trends Predicted by CZ
