Kevin O’Leary, investor, Shark Tank, also known as Mr Wonderful, has made the claim about sustaining losses worth $15 million that was reportedly paid to him by FTX to be its official spokesperson, as reported by Cointelegraph.
According to Cointelegraph, on December 8, 2022, O’Leary highlighted that post taxes, agents fees, a one dollar equity investment into FTX, and purchase of cryptocurrency stuck on the FTX exchange, he has nothing left to show for his time with FTX.
“Total deal was just under $15 million, […] I put about $9.7 million into crypto. I think that’s what I’ve lost. It’s all at zero, I don’t know cos my account got scraped a couple of weeks ago. All the data, all the coins, everything. It was not a good investment […] I don’t make good investments all the time, luckily I make more good ones than bad ones, but that was a bad one,” O’Leary stated.
On the basis of information by Cointelegraph, O’Leary was asked on his motivation behind joining the FTX brandwagon in August, 2021, on account of his previous statement of holding back from cryptocurrency in early days due to his own compliance standards.
“I obviously know all the institutional investors in this deal, we all look like idiots, let’s put that on the table. We relied on each other’s due diligence but we also relied on another investment theme that I felt drove a lot of interest in FTX. Sam Bankman-Fried is an American, his parents are American compliance lawyers. There were no other American large exchanges to invest in if you wanted to invest in infrastructure plays,” O’Leary mentioned.
Moreover, Cointelegraph noted that O’Leary reiterated that he is trying to find out about his FTX-based capital and its retrieval. It is believed that O’Leary has “agreed” to testify in the approaching Senate Committee hearing, which is expected to happen on December 14, 2022.
“I am of the ilk and of the group of people that says, ‘You’re innocent until proven guilty.’ That’s what I believe. And I want the facts. And so, if you tell me that you didn’t — you did or didn’t do something, I’m going to believe you until I find out it’s a falsehood,” O’Leary noted.
(With insights from Cointelegraph)