Kevin O’Leary Is Still Trying To Sell The ‘It’s Binance’s Fault’ Narrative

While the fallen crypto exchange FTX and its disgraced former CEO Sam Bankman-Fried are serving flashbacks of Bernie Madoff and his Ponzi scheme, Shark Tank investor and crypto hypeman Kevin “Mr. Wonderful” O’Leary has apparently made the firm decision to stick to the “it’s Binance’s fault” narrative. 

O’Leary appeared Wednesday at the Senate Committee on Banking, Housing and Urban Affairs hearing on FTX’s collapse and alleged fraud. At the hearing, O’Leary shared his “opinion” on why FTX failed and said that the fallen crypto exchange and its largest rival, Binance, “were at war with each other and one put the other out of business intentionally.” And because FTX has fallen, Binance is now an “unregulated global monopoly.”

While Binance and its CEO Changpeng “CZ” Zhao arguably had a hand in the events that led to FTX’s implosion, O’Leary’s version of the story, as well as his written testimony were missing a few notable details, i.e. the alleged fraudulent business practices and misuse of billions of dollars of customer funds.

Sam Bankman-Fried is currently being held in prison in the Bahamas while awaiting extradition to the US where he’s facing eight counts of criminal charges, including wire fraud and conspiracy to commit money laundering, among others. He is also facing charges brought by the US Securities and Exchange Commission, and the US Commodity Futures Trading Commission.

And yet, O’Leary, who admitted to being paid $15 million to become an FTX spokesperson, has been telling people the same narrative Bankman-Fried had been trying to sell to anyone who’d give him airtime. It’s almost like no one’s told him yet that Bankman-Fried had already been arrested.

In his written statement for the Senate, O’Leary continued to express his support for and faith in the crypto industry, and likened FTX to Enron, Bear Stearns, and Lehman Brothers in that its collapse, while painful to all those involved, is “nothing new” and does not change its “industry’s promise.”


Information for this briefing was found via Twitter, Forbes, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

What Happens If Silver Finally Breaks $50? | Gary Thompson – Silver47

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

After Suggesting Self-Custody, Binance CEO Changpeng Zhao Now Believes 99% Will Fail At It

Binance CEO Changpeng Zhao has stated that customers are more likely to lose cryptocurrency by...

Wednesday, December 14, 2022, 10:26:11 PM

Zhao, Saylor Urge Investors To Store Own Crypto

Binance chief Changpeng Zhao and Microstrategy (NASDAQ: MSTR) executive chairman Michael Saylor each made pleas...

Wednesday, November 16, 2022, 03:42:00 PM

Binance Can Now Convert Your Digital Assets At Sole Discretion After Subtle Terms Update

Binance has recently made subtle changes to its Terms of Service, leaving users potentially affected...

Monday, June 12, 2023, 10:54:00 AM

Binance Resumes Bitcoin Withdrawals, Adjusts Fees To Prevent Future Congestion

Binance has resumed bitcoin withdrawals following a second pause, as the Bitcoin network experiences extraordinary...

Monday, May 8, 2023, 08:04:15 AM

EXPLAINED: FTX vs. Sam Bankman-Fried On Crypto Firm’s Real Financial Standing

FTX debtors confirms $415-million hack and shortfall of customer funds but Sam Bankman-Fried insists the...

Wednesday, January 18, 2023, 04:34:00 PM