'This Will NEVER Happen Again!' | Kevin O'Leary Responds to FTX Collapse

Another day, more lies, and more drama for Sam Bankman Fried and FTX. Just one day after posting a 22-thread tweetstorm that included multiple “I’m Sorry”s… an emphasis on how ‘now’ the main focus is transparency and doing right by the consumer…and most importantly, stating that FTX.us was liquid and not a concern, SBF did the complete opposite of everything he said in the tweets. He resigned from FTX and filed for chapter 11 bankruptcy with just about all the entities under his so-called ‘crypto empire’ being included. As we’ve said before, this domino effect appears to just be getting started. After stating that ‘all products are fully operational”, BlockFi has now paused clients' ability to withdraw funds, citing “lack of clarity” around FTX’s current situation. It also told clients not to deposit to their wallet or interest accounts. After this epic collapse, regulation for crypto is now at the forefront of any crypto conversation. In a brief interview with CNBC, famed venture capitalist Kevin O’Leary, who was a staunch supporter and shareholder of FTX, gave his sobering take on the situation. O’Leary is clearly disappointed at what has transpired but sees the silver lining. Kevin believes this will force regulation to move faster because institutional money will pull out of the crypto space until regulation is in place.

Kevin O'Leary, nicknamed "Mr. Wonderful", is a Canadian businessman, entrepreneur, and television personality. O'Leary co-founded SoftKey Software Products, a technology company that sold software geared toward family education and entertainment. During the late 1980s and 1990s, SoftKey acquired rival companies via hostile takeover bids, such as Compton's New Media, The Learning Company, and Brøderbund. SoftKey later changed its name to The Learning Company and was acquired by Mattel in 1999, with the sale making O'Leary a multimillionaire.
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"I'm Moving My Crypto Investments" | Kevin O'Leary UPDATE

[khoujayk]

So, being a big shareholder (insider), you wanna convince me that you didn't do diligence and couldn't evaluate the FTX balance sheet before you put your money and promote it. This is not a bad investment. This is a real fraud!

[esra_erimez]

He's a big shareholder in a company that he didn't do due diligence on. That is not investing, that's blind faith.

[S-u-p-a]

Kevin would not be looking for regulatory structures if he had gained 10x.

[millionaire]

O'Leary is pissed .. he could have bought soo many businesses on Shark Tank that he low-balled with that money he lost dealing with SBF and FTX

[CrazyMig]

the whole purpose of bitcoin is decentralization. then centralized exchanges pop up, people invest there and after it implodes they yell "regulation". I wonder how stupid sb can be. they still don't get it. sorry, but they deserve this down fall. and remember rule #1: not your keys, not your crypto.

[seansundance]

This is very entertaining! Kevin wants the government to step in😂😂😂

[jbqu]

Everyday confirms what cryptocurrencies are: wind!

[georgem]

They say love is blind. Nope, greed is.

[royed]

How can they regulate what is not in the US jurisdiction

[longtimeninerfan]

Regulation #1: Put the crooks in prison!

[rickythompson]

Hard to believe Kevin wasn't in the know

[magasaurus]

Moral of the story: they sank it to justify stablecoin.

[raymondyu]

Crypto is a scam and will eventually go to zero

[hughvines]

If crypto has to be backed by the dollar doesn’t that crypto no better than the dollar. I thought we were trying to get away from regulation

[worldbeststories]

As Warren Buffett once famously said: "Only when the tide goes out do you discover who's been swimming naked."
The tide had just gone out.🤷‍♂

[delphi]

He could have parked most of his crypto in his own wallets. That's what any serious crypto investor does.

[shawncharles]

Coinbase is regulated and publicly traded so you can see their financial statements ?

[robertpritchard]

Kevin you said someone big had to come down before it was going to bottom so you knew this was going to happen you just didn't know it was going to happen to you

[Rottypops]

Billionaires losing money makes me feel warm inside 😭

[raymondcouture]

O'Leary saying 'I want regulation' is like Donald Trump saying ' no sex please'.
It is even bigger that the Great Reset on steriodes.