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Kevin O’Leary, an investor, “Shark Tank” judge and CNBC contributor, said Thursday that he lost all $15 million paid out on FTX. now collapsed the crypto exchange some call it a scam.
O’Leary and celebrities such as Tom Brady and Larry David were sued by FTX investors. An FTX ambassador says he should have done more due diligence and exercised a higher level of caution before pushing his crypto empire forward.
Canadian investors said CNBC’ssquawk box“ Host that we have failed to properly assess the risks associated with investing in and promoting FTX. O’Leary said he fell prey to “groupthink” and none of his investment partners lost money.
“The total transaction volume was just under $15 million,” O’Leary told CNBC Thursday morning.squawk box.” “We put about $9.7 million into cryptocurrency.” I think that’s what I lost. Do not know. All zeros.
O’Leary also said he held more than $1 million in FTX stock, which is now worthless due to the bankruptcy protection process. According to O’Leary, the rest of his $4 million-plus was reportedly eaten up in taxes and agency fees.
O’Leary aggressively promoted FTX on Twitter and online, touting his close ties to the disgraced founder Sam Bankman-Fried, who faces multiple investigations.
When O’Leary first started promoting FTX, he said FTX’s compliance system drove him to invest in the cryptocurrency exchange.
“Finally solved my compliance issue #cryptocurrency,” O’Leary wrote on LinkedIn And a tweet that was deleted in August 2021.
Ultimately, FTX’s new CEO John Ray’s filing for Delaware bankruptcy protection will call FTX’s risk, audit and compliance procedures a “complete failure of corporate control.”
“It wasn’t a good investment,” O’Leary said Thursday.
