Bitcoin News and Finance
Kevin O’Leary Slammed for Saying He’d Back Former FTX CEO Again — Insists SBF Is a ‘Brilliant’ Crypto Trader Skip to main content

Kevin O’Leary Slammed for Saying He’d Back Former FTX CEO Again — Insists SBF Is a ‘Brilliant’ Crypto Trader

Kevin O'Leary Slammed for Saying He'd Back Former FTX CEO Again — Insists SBF Is a 'Brilliant' Crypto Trader

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that he would again back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. “You can’t be serious,” many people told O’Leary, alleging that SBF is a fraud who stole billions from FTX customers.

Kevin O’Leary Ignores Evidence of Fraud, Says He’d Back ex-FTX CEO Sam Bankman-Fried Again

Shark Tank star Kevin O’Leary has shocked many people when he said on the Crypto Banter podcast, published Tuesday, that he would still back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. Last week, the crypto company filed for Chapter 11 bankruptcy and Bankman-Fried stepped down as the CEO.

O’Leary has an equity stake in FTX and has signed a multiyear deal to become the crypto exchange’s ambassador and spokesperson. His compensation was paid in crypto and managed on the FTX platform.

“If SBF knocked on your door again and said, ‘Look I failed in my last venture, I have a new crypto venture, I need money,’ would you back him?” O’Leary was asked. He replied:

The answer would be yes.

The Shark Tank star described: “I think we can all admit you can love them or hate them given what’s happened.” However, Mr. Wonderful added:

He was one of the most brilliant traders in the crypto universe. He also built one of the most robust platforms. We used FTX actively. It was a very robust platform that allowed us to get information on a compliant basis, so I really like what he built.

O’Leary proceeded to detail how he would invest in Bankman-Fried “in a different context” next time. The Shark Tank star explained that SBF “would not have operational control of the assets” but he would have trading control. “You’re going to find, assuming he doesn’t get involved in a bad situation somehow personally, that he will be found somewhere else in crypto,” he added.

“I know all the players in the crypto market and I’m just telling you there’s nobody quite like him … I’m telling you Sam Bankman-Fried is an unusual 1% person in terms of understanding how these assets work,” Mr. Wonderful continued.

Circling back to the question about whether he would back SBF in his next venture, O’Leary said:

If I could put him on my team in a very straight vertical where he doen’t have the ability to move assets around but has the ability to trade them, yeah I would.

Many People Disagree With O’Leary, Calling Bankman-Fried a Fraud

O’Leary’s comments left the crypto community in disbelief. Many people took to Twitter to slam the Shark Tank star. “Sam committed one of the largest frauds in history,” one Twitter user wrote. Another reminded O’Leary that SBF scammed his FTX customers and stole billions from them.

Will Clemente, co-founder of Reflexivity Research, wrote: “Unbelievable. Kevin O’Leary says he would back SBF again and [that] he was a ‘great trader.’ Kevin, you do realize he was front-running and counter-trading his own customers and dumping accumulated tokens on his own customers? You cannot be serious.”

Crypto lawyer John E. Deaton stressed: “SBF did not fail in his last venture. What is wrong with Kevin O’Leary.” He emphasized:

He didn’t fail not-so-Mr. Wonderfull. He lied. Cheated. Deceived. Committed insider-trading and stole people’s money. O’Leary had the audacity to criticize Brian Armstrong but he would back SBF again. My God.

Ripple CTO David “JoelKatz” Schwartz opined: “I can forgive people for getting fooled when others were fooled too, but I cannot forgive people for being willfully blind to overwhelming evidence.”

What do you think about Kevin O’Leary saying that he would back Sam Bankman-Fried again? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory