We Need REGULATION NOW! - Kevin O'Leary reacts to FTX Crypto Crash

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Kevin O'Leary, chairman of venture capital firm O'Leary Ventures and Shark Tank TV star, has reacted to FTX's sudden collapse. He argues that the sudden collapse of FTX, the world's third largest cryptocurrency exchange, highlights how important it is for any investor to learn about the risks they take when they park their money with a barely regulated company.

FTX and its affiliate companies filed for bankruptcy on November 11. Sam Bankman-Freed, the company's founder, resigned as CEO and was replaced by ‘John J. Rey Third’, a lawyer who has worked on Enron, Nortel Networks, and other corporate bankruptcies. According to a press release, Bankman-Freed will remain with FTX to help with the transition.

FTX, based in the Bahamas, had about $16 billion in customer assets but had lent about $10 billion of those funds to Alameda Research, a trading firm also run by Bankman-Freed and headquartered in Hong Kong. According to a Coindesk report from November 2nd, Alameda had lent out billions of dollars, with some loans secured by FTT, a cryptocurrency created by FTX.

Customers immediately requested $5 billion in withdrawals as a result of the FTT crash. According to Bankman-Freed, it faced a $8 billion shortfall last weekend.

About Kevin O'Leary:

Terence Thomas Kevin O'Leary, nicknamed "Mr. Wonderful", is a Canadian businessman, entrepreneur, author, politician, and television presenter. From 2004 to 2014, he appeared on various Canadian television shows, including the business news programmes SqueezePlay and The Lang and O'Leary Exchange, as well as the reality television shows Dragons' Den and Redemption Inc. In 2008, he appeared on Discovery Channel's Project Earth. Since 2009, he has appeared on Shark Tank, the American version of Dragons' Den.

#short #kevinoleary #cryptocrash #ftx #cryptocurrency #bitcoin #bitcoinnews #bitcoinprice #cryptomarket #bitcoinnews #shortvideo #youtubeshorts

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