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Kevin O’Leary under fire for saying he’s back with former FTX CEO – insists SBF is a ‘brilliant’ crypto trader

Kevin O'Leary Slammed for Saying He'd Back Former FTX CEO Again — Insists SBF Is a 'Brilliant' Crypto Trader

Shark Tank star Kevin O’Leary, aka Mister Wonderful, says he will once again back Sam Bankman-Fried (SBF), the former CEO of bankrupt crypto exchange FTX. “You’re not serious,” many people told O’Leary, claiming that SBF was a scammer who stole billions from FTX customers.

Kevin O’Leary Ignores Fraud Evidence and Says He’ll Support Former FTX CEO Sam Bankman-Freed Again

Shark Tank star Kevin O’Leary shocked many people when he said on the Crypto Banter podcast published on Tuesday that he would still support Sam Bankman-Fried (SBF), the former CEO of bankrupt crypto exchange FTX. The cryptocurrency company filed for Chapter 11 bankruptcy last week and Bankman-Fried stepped down as CEO.

O’Leary owns a stake in FTX and has signed a multi-year deal to become an ambassador and spokesperson for the crypto exchange. His compensation was paid out in cryptocurrency and managed on the FTX platform.

“If SBF were to knock on your door again and say, ‘Look, I failed in my last venture, I have a new crypto venture, I need money,’ would you support it?” O’Leary was asked. He replied:

The answer would be yes.

The Shark Tank star described, “I think we can all accept that you can love them or hate them given what happened.” However, Mr. Wonderful added:

He was one of the most brilliant traders in the crypto universe. He also built one of the most reliable platforms. We used FTX extensively. It was a very reliable platform that allowed us to receive information as required, so I really like what he created.

O’Leary detailed how he would next invest in Bankman-Fried “in a different context.” The Shark Tank star explained that SBF “would not have operational control over the assets” but it would have trading control. “You will find, unless he is personally involved in a bad situation, that he will be found somewhere else in cryptocurrency,” he added.

“I know all the players in the crypto market, and I’m just telling you that there is no one like him… I’m telling you that Sam Bankman-Fried is an unusual person from the 1% in terms of understanding how these assets work,” he said. A wonderful continuation.

Returning to the question of whether he would support SBF in his next venture, O’Leary said:

If I could put him on my team in a very straight forward vertical where he doesn’t have the ability to move assets but has the ability to trade them, yes I would.

Many people disagree with O’Leary calling Bankman-Fried a fraud

O’Leary’s comments left the crypto community bewildered. Many people took to Twitter to criticize the Shark Tank star. “Sam committed one of the biggest scams in history,” wrote one Twitter user. Another reminded O’Leary that SBF scammed his FTX clients and stole billions from them.

Will Clemente, co-founder of Reflexivity Research, wrote: “Unbelievable. Kevin O’Leary says he will support SBF again and [that] he was a “great merchant”. Kevin, do you understand that he is outperforming and counter-trading his clients and dumping accumulated tokens on his clients? You can’t be serious.”

Cryptography lawyer John E. Deaton emphasized, “SBF did not fail in its latest venture. What’s wrong with Kevin O’Leary.” He emphasized:

He didn’t disappoint no-so-mr. Wonderful. He’s lying. Deceived. Deceived. Did insider trading and stole people’s money. O’Leary had the audacity to criticize Brian Armstrong, but he backed the SBF again. Oh my God.

Ripple CTO David “JoelKatz” Schwartz opined, “I can forgive people for being fooled when others were fooled too, but I can’t forgive people for deliberately overlooking hard evidence.”

Tags in this story

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What do you think about Kevin O’Leary saying that he will support Sam Bankman-Freed again? Let us know in the comments below.

Kevin Helms

Austrian economics student Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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