Shark Tank star Kevin O’Leary explains why he thinks FTX crashed before the Senate Committee on Urban Affairs, Banking and Housing, and certainly sees it all as a loss to consumers when asked why What do you think was the shortfall that made FTX loss or according to his opinion what were the reasons that caused FTX to gain so much notoriety to which he replied that he doesn’t have any records but he looked that after the money disappeared from the accounts he informed the former CEO about it and told Congress that when his accounts were stripped of all his assets and all his accounting through strange means and reduced to 0 He also did not get any satisfactory answer from any of the officials of the firm so he called up the former CEO and asked him where is my money and his purpose of calling Sam Bankman-Fried was to inquire about his funds and his investments. In response, he says that now he does not know because he Sarvar has been denied access and told the Senate committee that it was a simple matter on his mind as to where his money went.
During a phone conversation, the Shark Tank star asked the former CEO to explain how he used the proceeds from FTX’s assets over 24 months before he raised $2 billion to $3 billion to buy back shares from Binance. Remembered the transaction and didn’t know at the time that this Binance company was at one time run by CZ [Changpeng Zhao], who was responsible for the act that he paid 20% for the stock in the firm of the former CEO of FTX. had bought the ownership of He further tells the Senates that when you ask me why he had to take back the shares from CZ and what would compel you to do so, of course Mr. Wonderful, citing SBF, says that every time FTX Has applied for licenses in different jurisdictions and the CEO of Binance will not comply with requests to provide data that would clear FTX for a license.
The Shark Tank star insists that FTX spent nearly $3 billion buying back shares from Binance and stripped its balance sheet, further elaborating on what he believes is his personal opinion. With the two giants coming to the fore owning the respective market and driving the process forward incredibly in terms of growth and were at war with each other he believes it all happened because of these where I conclude That each other has deliberately shown a way out of business and perhaps there is nothing wrong with that.
Nevertheless, he says that Binance has now certainly gained a position as a global weapon and as a facilitator and as a crypto technology and exchange that makes it omnipotent in the market and it has definitely But FTX has been dropped, that is, out of this race. Where she says that from now on many other reasons including her personal opinion the same week the US government and regulations took a really tough decision and recommended punitive action against the former CEO by detaining him wherever he disclosed It is said that he was offered $15 million to be its spokesperson and after the collapse he says that surely the former CEO of FTX will rise again and take over the money market with his best arts. He is definitely a storehouse of planning and quality and that is what he is known for.