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Canadian entrepreneur and investor Kevin O’Leary has disclosed a telephonic conversation with the bankrupt crypto exchange FTX’s co-founder and CEO Sam Bankman-Fried.
“Shark Tank” star Leary, told the details of the conversation with SBF in November after realizing that his funds were missing. Before the crypto titan filed for bankruptcy under Chapter 11 bankruptcy proceedings, he said that he had total confidence in the company, he had stated that ““If there’s ever a place I could be that I’m not gonna get in trouble, it’s going to be at FTX.”
After taking the Oath, O’Leary in the House of Representatives Financial Service Committee, stated:
“After my accounts were stripped of all of their assets and all of the accounting and trade information, I couldn’t get answers from any of the executives in the firm so I simply called Sam Bankman-Fried and said ‘Where is the money Sam? He said he had been refused access to the servers, he no longer knew. I said ‘okay let’s step back’. This is a simple case in my mind of ‘where did the money go?’ I said ‘Sam, walk me back 24 months, tell me the use of proceeds of the assets of your company. Where did you spend it?’”
As per media reports, a 42-year-old crypto investor, Sunil Kavuri O’leary endorsed FTX because he had a 7-figure sum in his FTX account.
Kavuri also stated that O’Leary has been in an investment fund being regulated under the U.S. Securities and Exchange Commission (SEC), depicting his familiarity “with the legal limits of undue promotion.” In an interview reported by CNBC, O’Leary said that he was paid mere $15 million to promote FTX.
Just a few days before the FTX collapsed, rumors about a bulk sellout of FTT tokens by them was flying around, causing further decline in its value.
According to the Washington Post, the savvy businessman said in testimony at the Senate Banking Committee, that he wants his plans to undergo a forensic audit on his funds to find what happened at the now-bust crypto exchange. He stated that “The truth of this situation will be discovered by following the transaction trail after obtaining the records.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
