Millionaire investor and “Shark Tank” personality Kevin O’Leary allegedly received about $800 million per hour for promoting the now-defunct cryptocurrency exchange FTX, as reported by on-chain investigator Coffeezila.
O’Leary reportedly received a total compensation of $15.7 million for providing promotional services to the exchange, including 20 service hours, 20 social media posts, a virtual lunch, and five autographs. Although specific details of the agreement’s timeline remain undisclosed, it is publicly known that O’Leary served as a paid spokesperson for FTX during Q4 2022.
By November 2022, FTX faced collapse, leaving over $8 billion of customer funds in jeopardy. This collapse triggered a flash crash in Bitcoin (BTC) prices, dropping as low as $15,800 before recovering in subsequent trading sessions.
O’Leary had invested $10 million in FTX and actively promoted the exchange through various social media channels. Despite the catastrophic outcome, O’Leary asserted that prior due diligence indicated a “robust and well-managed exchange.”
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He has since expressed regret over his involvement, acknowledging it as a “costly mistake.”
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
