Kevin O’Leary Received $15 MILLION for Being a FTX Spokesperson

Shark Tank judge and crypto connoisseur Kevin O’Leary was paid a whooping $15 million to be a spokesperson for now-failed FTX, revealing he lost his entire payday once the crypto exchange went under.

In an CNBC Squawk Box interview on Thursday, O’Leary revealed he received about $15 million from FTX to advocate for the crypto exchange, which was all evaporated once the ponzi scheme collapsed. The Shark Tank judge also said he owned about $9.7 million in crypto tokens in his FTX account, which were erased to $0 last month. “Total deal was just under $15 million, all in,” O’Leary said. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero.”

O’Leary also held a $1 million equity stake in FTX, which too, was rendered worthless thanks to Chapter 11 bankruptcy proceedings. “The institutional interest in FTX on the US equity was unbelievable. The amount of people that approached me saying ‘How do I get a piece of this deal?’ And I said at that time, ‘I’m a paid spokesperson, I cannot bring you in as an LP.’ Not a single dollar that I lost was anyone else’s money except for mine,” O’Leary defended himself. The Canadian investor acknowledged his involvement with FTX was a poor choice, and that he was ultimately blindsided by Sam Bankman-Fried’s mismanagement of funds.

“We all look like idiots. We relied on each other’s due diligence,” O’Leary explained, referring to likeminded investors including Tom Brady and Larry David who also lost money in the scheme thanks to groupthink. When O’Leary initially promoted FTX, he said it was the exchange’s compliance systems that were attractive. “Finally solved by compliance problems with #cryptocurrencies,” he wrote in a LinkedIn post in August 2021.

However, despite FTX’s gross evaporation of billions of dollars in clients’ funds, O’Leary stopped short of criticizing SBF, and instead suggested a thorough audit needs to happen first. “There’s only the murder of my money in this case… If you want to say he’s guilty before he’s tried, I just don’t understand it,” he said. “You don’t know, because you have no data. All I’m saying is let’s do the forensic audit.” O’Leary revealed he questioned SBF on where his, and other FTX customers’ money ultimately went.

“Look Sam, I am just one investor, but my account has a zero in it, and there are no accounting records. Where did the money go?” O’Leary reiterated his conversation to CNBC. “I need to find where the money went,” he said.

Information for this briefing was found via CNBC and the sources 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

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

New Found Gold: The Strategic Maritime Resources Purchase

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

FTX Examining Potential Retail Clawback After Getting Court Nod To Sell Crypto Assets

FTX, the cryptocurrency exchange that filed for bankruptcy in November 2022 amidst allegations of misusing...

Thursday, September 14, 2023, 01:27:00 PM

Crypto Drama: FTX And Its Growing Red Flags

SBF is deleting tweets that assured firm has “enough to cover all client holdings”, the...

Tuesday, November 8, 2022, 11:01:05 PM

SEC Expands Investigation Into FTX Handling of Customer Funds During Liquidity Crunch

US regulators are in the midst of looking into the relationship between embattled crypto exchange...

Wednesday, November 9, 2022, 02:33:13 PM

Kraken Pauses Deposits, Withdrawals As Investigation On Fidor Bank Funding Continues

Crypto exchange Kraken announced an update on Tuesday relaying that “deposits and withdrawals are currently...

Tuesday, November 22, 2022, 09:22:00 AM

Changpeng Zhao: “He Doesn’t Make Sense”; Kevin O’Leary: “He’s Part Of The Story Too”

Now that FTX founder Sam Bankman-Fried is in custody, Binance CEO Changpeng Zhao has apparently...

Friday, December 16, 2022, 09:40:00 AM