Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Kevin O’Leary Reveals FTX Paid Him $15 Million to Be a Spokesperson for the Exchange – Featured Bitcoin News
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that collapsed crypto exchange FTX paid him around $15 million to become its spokesperson. “I put about $9.7 million in crypto. I think that’s what I lost. I don’t know. It’s all zero,” O’Leary said.
Kevin O’Leary was paid $15 million by FTX
Shark Tank star Kevin O’Leary revealed in an interview with CNBC on Thursday that the collapsed crypto exchange FTX paid him around $15 million last year to become its spokesperson.
Noting that he fell victim to “groupthink,” O’Leary said:
The total deal was just under $15 million, all in … I put about $9.7 million in crypto. I think that’s what I lost. I do not know. It’s all at zero.
The Shark Tank star further revealed that he also had over $1 million in FTX equity, which has now been rendered worthless due to the bankruptcy protection process. In addition, Mr. Wonderful explained that the balance of just over $4 million was allegedly eaten up by taxes and agent fees. He admitted:
It was not a good investment.
FTX filed for bankruptcy on November 11 and Sam Bankman-Fried (SBF) resigned as CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information as occurred here.”
Despite losing millions of dollars in the FTX collapse, O’Leary has insisted that Bankman-Fried is one of the best traders in the crypto space and that he would back him again if he has another venture. This has shocked the crypto industry as most people believe that Bankman-Fried is a scam and a fraud. Some have compared the FTX meltdown to Bernie Madoff’s Ponzi scheme.
Bankman-Fried has insisted that he did not knowingly commit fraud. Like O’Leary, billionaire hedge fund manager Bill Ackman similarly said he believes SBF was telling the truth. Mr. Wonderful also recently revealed that he nearly secured $8 billion to save FTX before it collapsed and had to file for bankruptcy.
What do you think about Kevin O’Leary being paid $15 million to become FTX’s spokesperson? Let us know in the comments section below.
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