Shark Tank’s Terence Thomas Kevin O’Leary, also known as Mr. Wonderful, warns that there could be more fiascos in the crypto world.
When asked whether he believed there would be another FTX during a Kitco News interview, O’Leary’s response was affirmative.
“If you’re asking me will there be another meltdown to zero? Absolutely, 100% it’ll happen and it’ll keep happening over and over and over again,” he says.
“All the unregulated exchanges are having massive outflows right now. The smart money has got the joke. They saw what happened in FTX. They’re not sitting around for an explanation.”
Late last year, the downfall of cryptocurrency exchange FTX sent investors running for the exits.
O’Leary says he lost his $15 million investment form FTX.
“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.”
He also said he had more than $1 million of FTX equity, now rendered worthless by the bankruptcy protection process. The balance of a little over $4 million was purportedly eaten up by taxation and agent fees, according to O’Leary.
O’Leary promoted FTX aggressively on Twitter and online, touting his close connection with disgraced founder Sam Bankman-Fried.
On Dec. 12, Mr. Bankman-Fried was arrested in the Bahamas for lying to investors and committing fraud.
