Kevin O’Leary, a well-known Canadian investor and businessman, shared his thoughts on Twitter about the current worldwide moves toward crypto regulation. Kevin expressed his support for enforced crypto regulation and stated that crypto exchanges go to zero without it.
However, he received criticism from various Twitter users. Cryptomom, a Web3 advisor on Twitter, replied to Kevin that KuCoin, Coinbase, and other crypto exchanges will not become worthless like FTX and that his advice is not required in the crypto industry. Another Twitter user, Craig Allen, advised that Kevin’s opinion on anything related to cryptocurrencies should be taken lightly, especially after endorsing FTX to people.
It’s worth noting that Kevin was once a supporter and major investor of the now-bankrupt cryptocurrency exchange, FTX.
FTX is an American cryptocurrency exchange that filed for bankruptcy late last year after a surge of customer withdrawals on the platform. The company was facing liquidity crises due to the mismanagement of funds by the executives. Sam Bankman-Fried (SBF), the co-founder and former CEO of the exchange, has been charged with wire fraud, securities fraud, and money laundering, amongst others.
Following the exchange’s collapse, Kevin appeared on Squawk Box, CNBC’s news and talk program to discuss the situation. He appeared to defend Sam Bankman-Fried and stated that he did not have any evidence that he was a fraud.
During the interview, Kevin defended himself and other investors involved with FTX. He claimed that investing in a company comes with a lot of risks, and none of them would have found themselves in this situation if they had been aware of the problems earlier. He also discussed the US justice system, which presumes Bankman-Fried’s innocence until proven guilty.
However, Kevin stated that he supports customers trapped in the whole mess and wants their money paid back first while shareholders bear the loss and move on.
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