Kevin O'Leary On Why Blockchain Will Reveal Truth Behind FTX Collapse: 'It's Going To Come Clean'

Zinger Key Points
  • FTX collapsed and filed for bankruptcy on Nov. 11, and close to one million lost billions of dollars in the meltdown.
  • Kevin O'Leary Says the truth about the company will be uncovered during the legal battle.

O'Shares ETFs chairman and renowned "Shark Tank" investor Kevin O'Leary has recently spoken about doing business with the beleaguered crypto exchange FTX, and its former CEO Sam Bankman-Fried

During a recent interview, O'Leary said that he was surprised by the collapse of FTX, but said the truth about the company will be uncovered during the legal battle. He'll be sharing more of his thoughts on the latest developments in the crypto sector at Benzinga’s Future of Crypto event on Dec. 7 at Pier 60 in New York City. 

According to O'Leary, blockchain data will shed light on the crypto exchange as every transaction is recorded. 

"The one unique thing about this situation versus other financial collapses, calamities, and disasters, everything that occurred here is on the blockchain. Every single transaction is recorded. You may not know who the wallet is, who owns or stole it, or whatever these allegations are, but every single transaction will be found, so there's no hiding from it. It's going to come clean," O'Leary said. 

"At the end of the day, it's got to be facts. The whole thing has to be driven by the truth, and we don't have it yet, so I'd like to get the truth; that's what I'm after," he noted.

"During that process, we'll get to the truth when litigation scrapes to the fact. That's what's going to happen. So, look, I would have instead not been involved in this, but it doesn't change anything I do, and it doesn't change my transparency policy," O'Leary added. 

Also Read: Here's Why Kevin O'Leary Is Betting On Elon Musk Coming Out On Top In Twitter Deal

In a Friday tweet, O'Leary said that he lost millions as an investor in FTX and got "sandblasted" as a paid spokesperson for the crypto exchange. 

Speaking about the FTX bankruptcy, O'Leary said, "I don't get it right every time. I don't. I've made thousands of investments, but they're not all winners. All of us that have talked about this, all of us on that cap table, we've all talked to each other. We're stunned, but we don't have any answers yet, so I would like to know how this one went down." 

FTX collapsed and filed for bankruptcy on Nov. 11, and approximately one million customers and investors are estimated to have lost billions of dollars in the meltdown.

Photo: Courtesy of shutterstock.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesMarketsFTXKevin O'LearySam Bankman-Fried
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!