Shark Tank star Kevin O'Leary told U.S. Congress that FTX failed because rival Binance intentionally put it out of business. crypto cryptocurrency
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions.
SBF told O’Leary that he “no longer knew” as he has been “refused access to the servers.” O’Leary then told the Senate committee, “This is a simple case in my mind of ‘where did the money go?'” “I didn’t know this at the time, but at some point, CZ [Changpeng Zhao], who runs Binance, purchased 20% ownership in Sam Bankman-Fried’s firm for seed stock,” O’Leary told senators. Mr. Wonderful then asked SBF why he had to buy back shares from CZ: “What would compel you to do that? Why wouldn’t you keep your assets on the balance sheet?”
O’Leary stressed that FTX spending about $3 billion to buy shares back from Binance “stripped [its] balance sheet of assets.” He detailed: “In my view, my personal opinion, these two behemoths that own the unrelated market together, and grew these incredible businesses in terms of growth, were at war with each other.” The Shark Tank star concluded:
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