CZ alleges FTX’s $15M made Kevin O’Leary ‘align with fraudster’ CZ alleges FTX’s $15M made Kevin O’Leary ‘align with fraudster’
Kevin O’Leary had previously said he would invest again in the Sam Bankman-Fried and has tweeted in his defense.
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Updated: Aug. 27, 2023 at 10:30 am UTC
Randstad Canada / CC BY 2.0 / Flickr. Remixed by CryptoSlate
Binance CEO Changpeng ‘CZ’ Zhao criticized celebrity investor Kevin O’Leary for his continued support of disgraced FTX founder Sam Bankman-Fried in a Dec. 9 Twitter thread.
It seems $15m not only changed @kevinolearytv’s mind about crypto, it also made him align with a fraudster. Is he seriously defending SBF?https://t.co/JoKapOcMXr (baseless attacks start around 4:20).
A thread. 1/11
— CZ 🔶 Binance (@cz_binance) December 9, 2022
According to CZ, the $15 million FTX paid to O’Leary changed his mind about crypto and made him “align with a fraudster.”
In a Dec. 8 CNBC Squawk Box interview, the shark tank judge defended some of SBF’s actions. O’Leary said FTX had spent significantly to buy back its shares from Binance because the CZ-led exchange’s opaque ownership structure impeded its license applications.
CZ says SBF was “unhinged”
CZ tweeted that SBF was “unhinged” when Binance decided to pull out of its FTX investment. According to him, the FTX founder “launched a series of offensive tirades at multiple Binance team members” and threatened to go to “extraordinary lengths” to make them pay.
CZ also highlighted that SBF invested heavily in media and public opinion to attack his opponents in the industry. CZ said:
“My ethnicity was a focus of those attacks… I’m Canadian, and Binance is not a Chinese company.”
FTX spent $5.5 billion on investments since Binance’s exit
CZ tweeted that since Binance exited its FTX investment in July 2021, the bankrupt exchange had spent $5.5 billion on various investments.
According to CZ, FTX spent millions on sponsorships, Super Bowl ads, political donations, Miami Stadium, baseball referees, luxury real estate, etc. He added:
“They were 1/10th our size, yet outspent us 100/1 on marketing & “partnerships”, fancy parties in the Bahamas, trips across the globe, and mansions for all of their senior staff (and his parents).”
The Binance CEO also rebuffed claims that Binance’s involvement with FTX stopped the bankrupt exchange from getting licenses. CZ said Binance has secured multiple registrations and more licenses globally than any other exchange, including FTX.
O’Leary defends SBF
Meanwhile, this is not the first time Kevin O’Leary will defend SBF since the FTX collapse. O’Leary had previously said he would invest in the failed founder again and called him a savant trader.
I lost millions as an investor in @FTX and got sandblasted as a paid spokesperson for the firm but after listening to that interview I’m in the @billAckman camp about the kid! https://t.co/5lWzTT7JEv
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) December 1, 2022
In his Squawk Box interview, he revealed that he lost $15 million to the FTX implosion. The $15 million represents the total value of the deal that O’Leary signed last year to become FTX spokesperson.
In his defense for SBF, O’Leary said:
“If you want to say he’s guilty before he’s tried, I just don’t understand it. There’s only the murder of my money in this case.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Terence Thomas Kevin O’Leary, nicknamed “Mr Wonderful”, is a Canadian businessman, entrepreneur, investor, author, political candidate, and television presenter.