Kevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed

Shark Tank prima Kevin O’Leary, aka Mr. Wonderful, has shared however helium and Sam Bankman-Fried (SBF) astir raised $8 cardinal from organization investors to prevention crypto speech FTX earlier it collapsed. However, erstwhile reports emerged of FTX being investigated by respective authorities, including the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), each funny investors vanished.

Kevin O’Leary Tried to Raise Funds to Save FTX

Kevin O’Leary shared however helium tried to prevention cryptocurrency speech FTX earlier it collapsed successful an interrogation with the Insider, published Sunday. O’Leary is simply a paid spokesperson for FTX and has investments successful the company.

Prior to FTX’s bankruptcy filing connected Nov. 11, Mr. Wonderful was talking to a fig of prospective investors funny successful owning a involvement successful the crypto exchange. Sovereign wealthiness funds were funny successful investing $8 cardinal to rescue FTX, helium told the publication.

Noting that Bankman-Fried called him to sermon the investments, O’Leary shared:

We had a little conversation. He was precise rational. We discussed a fewer things about, you know, the timing connected that $6 cardinal to $8 billion. But it was capable accusation for maine to spell backmost to the funny sources and corroborate the fig was eight.

Mr. Wonderful noted that Bankman-Fried said during their telephone that regulators volition “come down hard” connected the situation.

However, arsenic reports emerged that the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and different planetary regulators were closing successful connected FTX, rescue offers instantly dried up. O’Leary continued:

All of those funny parties were gone … I texted that backmost to Sam … and I told him that was not going to beryllium an option.

Nonetheless, O’Leary believes that if a sovereign wealthiness money oregon different buyers had enactment successful astir $4 billion, past investors would person felt assured successful keeping their assets successful FTX. “So truly what was connected the array and being debated each astir the satellite was you could bargain a $32 cardinal plus for $4 billion,” helium said.

‘There’ll Be a Mountain of Litigation’

Mr. Wonderful has started moving his assets elsewhere, helium revealed, noting that Canada is the lone state that offers fully-regulated broker-dealer speech accounts. “We person assurance that the regulatory situation successful Canada scrutinizes accounts that can’t beryllium commingled,” the Shark Tank prima opined, adding that helium believes the marketplace has not seen the bottommost of the FTX fallout yet.

Commenting connected the FTX meltdown rattling spot crossed the crypto sector, O’Leary opined:

There’s a batch of allegations flying astir … It’s a hard situation, there’s nary question astir it. There’ll beryllium a upland of litigation.

Despite regulators investigating Bankman-Fried and the crypto manufacture screaming fraud, O’Leary maintains he’s ne'er met a much superb caput erstwhile it comes to crypto and blockchain. He described:

He’s a savant … He’s astir apt 1 of the astir accomplished traders of crypto successful the world, and truthful I was precise impressed.

Last week, the Shark Tank prima said helium would backmost Bankman-Fried again if helium has different venture. This has outraged the crypto manufacture since astir radical judge that the erstwhile FTX CEO engaged successful aggregate fraudulent activities.

Like different FTX investors, including the Singapore government’s Temasek Holdings and Ontario Teachers’ Pension Fund, O’Leary is penning down each of his FTX investments. He stated: “I’m penning that each down to zero … It’s not wide what tin beryllium recovered.”

What bash you deliberation astir the comments by Kevin O’Leary? Let america cognize successful the comments conception below.

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