{"id":14915,"date":"2022-11-28T23:17:06","date_gmt":"2022-11-28T23:17:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kevin-oleary-reveals-how-he-almost-secured-8-billion-to-rescue-ftx-before-it-collapsed-exchanges-bitcoin-news\/"},"modified":"2022-11-28T23:17:06","modified_gmt":"2022-11-28T23:17:06","slug":"kevin-oleary-reveals-how-he-almost-secured-8-billion-to-rescue-ftx-before-it-collapsed-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kevin-oleary-reveals-how-he-almost-secured-8-billion-to-rescue-ftx-before-it-collapsed-exchanges-bitcoin-news\/","title":{"rendered":"Kevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Shark Tank star Kevin O\u2019Leary, aka Mr. Wonderful, has shared how he and Sam Bankman-Fried (SBF) almost raised $8 billion from institutional investors to save crypto exchange FTX before it collapsed.<\/strong> However, when reports emerged of FTX being investigated by several authorities, including the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), all interested investors vanished.<\/strong><\/p>\n

Kevin O\u2019Leary Tried to Raise Funds to Save FTX<\/h2>\n

Kevin O\u2019Leary shared how he tried to save cryptocurrency exchange FTX before it collapsed in an interview with the Insider, published Sunday. O\u2019Leary is a paid spokesperson<\/a> for FTX and has investments in the company.<\/p>\n

Prior to FTX\u2019s bankruptcy<\/a> filing on Nov. 11, Mr. Wonderful was talking to a number of prospective investors interested in owning a stake in the crypto exchange. Sovereign wealth funds were interested in investing $8 billion to rescue FTX, he told the publication.<\/p>\n

Noting that Bankman-Fried called him to discuss the investments, O\u2019Leary shared:<\/p>\n

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We had a brief conversation. He was very rational. We discussed a few things about, you know, the timing on that $6 billion to $8 billion. But it was enough information for me to go back to the interested sources and confirm the number was eight.<\/p>\n<\/blockquote>\n

Mr. Wonderful noted that Bankman-Fried said during their call that regulators will \u201ccome down hard\u201d on the situation.<\/p>\n

However, as reports emerged that the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and other global regulators were closing in on FTX, rescue offers immediately dried up. O\u2019Leary continued:<\/p>\n

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All of those interested parties were gone \u2026 I texted that back to Sam \u2026 and I told him that was not going to be an option.<\/p>\n<\/blockquote>\n

Nonetheless, O\u2019Leary believes that if a sovereign wealth fund or other buyers had put in roughly $4 billion, then investors would have felt confident in keeping their assets in FTX. \u201cSo really what was on the table and being debated all around the world was you could buy a $32 billion asset for $4 billion,\u201d he said.<\/p>\n

\u2018There\u2019ll Be a Mountain of Litigation\u2019<\/h2>\n

Mr. Wonderful has started moving his assets elsewhere, he revealed, noting that Canada is the only country that offers fully-regulated broker-dealer exchange accounts. \u201cWe have confidence that the regulatory environment in Canada scrutinizes accounts that can\u2019t be commingled,\u201d the Shark Tank star opined, adding that he believes the market has not seen the bottom of the FTX fallout yet.<\/p>\n

Commenting on the FTX meltdown rattling trust across the crypto sector, O\u2019Leary opined:<\/p>\n

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There\u2019s a lot of allegations flying around \u2026 It\u2019s a difficult situation, there\u2019s no question about it. There\u2019ll be a mountain of litigation.<\/p>\n<\/blockquote>\n

Despite regulators investigating Bankman-Fried and the crypto industry screaming fraud, O\u2019Leary maintains he\u2019s never met a more brilliant mind when it comes to crypto and blockchain. He described:<\/p>\n

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He\u2019s a savant \u2026 He\u2019s probably one of the most accomplished traders of crypto in the world, and so I was very impressed.<\/p>\n<\/blockquote>\n

Last week, the Shark Tank star said he would back Bankman-Fried again if he has another venture. This has outraged<\/a> the crypto industry since most people believe that the former FTX CEO engaged in multiple fraudulent activities.<\/p>\n

Like other FTX investors, including the Singapore government\u2019s Temasek<\/a> Holdings and Ontario Teachers\u2019 Pension Fund<\/a>, O\u2019Leary is writing down all of his FTX investments. He stated: \u201cI\u2019m writing that all down to zero \u2026 It\u2019s not clear what can be recovered.\u201d<\/p>\n

What do you think about the comments by Kevin O\u2019Leary? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA 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 between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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