{"id":15051,"date":"2022-12-02T00:32:27","date_gmt":"2022-12-02T00:32:27","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kevin-oleary-bill-ackman-slammed-for-defending-sam-bankman-fried-i-think-sbf-is-telling-the-truth-exchanges-bitcoin-news\/"},"modified":"2022-12-02T00:32:27","modified_gmt":"2022-12-02T00:32:27","slug":"kevin-oleary-bill-ackman-slammed-for-defending-sam-bankman-fried-i-think-sbf-is-telling-the-truth-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kevin-oleary-bill-ackman-slammed-for-defending-sam-bankman-fried-i-think-sbf-is-telling-the-truth-exchanges-bitcoin-news\/","title":{"rendered":"Kevin O’Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried \u2014 ‘I Think SBF Is Telling the Truth’ \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Shark Tank star Kevin O\u2019Leary and billionaire hedge fund manager Bill Ackman have been slammed for stating that they believe Sam Bankman-Fried (SBF) was telling the truth that he \u201cdidn\u2019t knowingly commingle funds.\u201d The former CEO of the collapsed crypto exchange FTX also said he \u201cwasn\u2019t running Alameda,\u201d so he \u201cdidn\u2019t know exactly what was going on.\u201d<\/strong><\/p>\n

Kevin O\u2019Leary, Bill Ackman Defend Sam Bankman-Fried<\/h2>\n

Shark Tank star Kevin O\u2019Leary, aka Mr. Wonderful, and billionaire hedge fund manager Bill Ackman were slammed Thursday after they said they believe former FTX CEO Sam Bankman-Fried (SBF) was telling the truth during an interview at The New York Times\u2019 Dealbook Summit, aired Wednesday evening. Crypto exchange FTX collapsed and filed for bankruptcy on Nov. 11. An estimated one million customers and investors lost billions of dollars in the exchange meltdown.<\/p>\n

Bankman-Fried said<\/a> during the interview that he \u201cdidn\u2019t knowingly commingle funds.\u201d He also shifted blame to Alameda Research, stating: \u201cI wasn\u2019t running Alameda \u2026 I didn\u2019t know exactly what was going on.\u201d<\/p>\n

While most people in the crypto community do not believe Bankman-Fried\u2019s story, at least two prominent people spoke up in favor of the former FTX CEO. Ackman, the CEO and portfolio manager of Pershing Square Capital Management, tweeted after the interview: \u201cCall me crazy, but I think SBF is telling the truth.\u201d<\/p>\n

O\u2019Leary quickly concurred, tweeting that he lost millions as an investor in FTX and got sandblasted as a paid spokesperson<\/a> for the crypto exchange. However, he stressed that after listening to the interview, he agrees with Ackman \u201cabout the kid.\u201d<\/p>\n

\"Kevin<\/a><\/p>\n

Many people disagreed with O\u2019Leary and Ackman. Some called them \u201cmorons,\u201d \u201cidiots,\u201d and \u201cscammers.\u201d One wrote: \u201cI\u2019m a bit confused why people have this view on SBF as the really smart kid that screwed up. He is almost 31, which means he\u2019s a grown man. This isn\u2019t a 23-year-old fresh grad making a trading error on the desk. The narrative around this story shouldn\u2019t really be that.\u201d<\/p>\n

\u201cI imagine that if I was a public spokesperson for what turned out to be a Ponzi, I\u2019d probably hope the leader got off without criminal charges as well (less likely criminal charges would be brought against me). Just saying, look at the incentives,\u201d another commented.<\/p>\n

A third opined: \u201cThink I understand now. All of these statements are a form of legal protection and that interview was crafted in a very deliberate manner. Better to be a spokesperson for something that failed than something that committed mass fraud. Blatantly obvious the latter is true.\u201d A fourth said: \u201cYou gave millions to a fraudster who didn\u2019t know the first thing about running an exchange or a hedge fund or how to protect investor assets and who likely absconded with your money due to complete incompetence but sure he\u2019s innocent.\u201d<\/p>\n

Following the collapse of FTX, O\u2019Leary said that he would support<\/a> Bankman-Fried again if he has another venture, noting that SBF is one of the best traders in the crypto space. Mr. Wonderful also recently revealed that he and Bankman-Fried almost raised $8 billion<\/a> to rescue FTX before it collapsed.<\/p>\n

What do you think about Kevin O\u2019Leary and Bill Ackman believing that SBF didn\u2019t know what he was doing when he commingled funds? 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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