News

‘Shark Tank’ host Kevin O’Leary lost $15 million in FTX collapse

Published

1 year ago

December 15, 2022

Veronica Dudo

U.S. Senate Banking Committee is examining the collapse of cryptocurrency company FTX.

On Wednesday, Shark Tank host Kevin O’Leary testified before the Senate Banking Committee in Washington D.C.

The entrepreneur told lawmakers on Capitol Hill that he lost an estimated $15 million.

He’s not alone as investors, celebrities and customers have seen hundreds of millions of dollars disappear.

He also admitted he did not do his due diligence on the investment.

O’Leary insists that none of his partners lost money on the deal and has sought to uncover where his investment money went. Bankman-Fried, also known as SBF, has been at the center of a growing crypto scandal amid allegations that FTX used customer money in its cryptocurrency to fund risky investments made by his trading firm, Alameda Research.

An FTX paid spokesman and multimillionaire investor, O’Leary said in his testimony that he fell victim to “groupthink.” However, he insisted that none of his partners lost money in the deal.

O’Leary is now trying to uncover where his investment money went.

The Senate Banking Committee is examining the collapse of cryptocurrency company FTX founded by Sam Bankman-Fried and the resulting impact on consumers.

The 30-year-old disgraced crypto-king is embroiled in an ever-expanding scandal with federal authorities alleging that FTX used customer money in its cryptocurrency to then fund investments made by his trading firm, Alameda Research.

During the hearing, O’Leary said he believed cryptocurrency should be regulated.

“The number one prize is to be regulated in the U.S. market—the number one financial market on earth. Now when you talk about other money center banks or other financial services industry that want to do business in the U.S.—they must disclose their worldwide operations,” O’Leary said.

“They are scrutinized by the rules we already have in place. A coordinated effort between the Canadian regulator, the U.S. regulator, the ADGM in Abu Dhabi, the regulators and Singapore— basically laying out the ground rules for any entity that wishes to do business in the U.S. or any of those jurisdictions solves this problem.”

Related Topics:Featured Politics trending world

Up Next

Moroccan fans angry over cancelled flights to Qatar

Don't Miss

‘I’m heartbroken’: Ellen DeGeneres pays tribute to DJ Stephen ‘tWitch’

Veronica Dudo

Veronica Dudo is the U.S. Correspondent for Ticker News covering America’s biggest headlines. As an Emmy® Award nominated global journalist, Veronica has traveled across the country and around the world reporting on historical events that connect all citizens. Lauded as an award-winning international journalist, Veronica has executed stellar news coverage for NBC News, CBS News, The Hill, ME-TV Network and AOL. Her stories have highlighted a plethora of topics ranging from breaking news and politics to economic affairs across the USA, European Union, and Asia; cultural affairs; globalization; governance; education; and sustainability.

News

The EV transformation expands to legacy vehicles

Published

3 hours ago

April 29, 2024

ticker NEWS

This week witnessed another milestone in the automotive industry as the legendary Mercedes-Benz G-Wagen embarked on its electric journey, aligning with global sustainability efforts.

Simultaneously, Toyota and Mazda debuted EV offerings tailored for the booming Chinese market, signalling a strategic shift towards collaboration with advanced Chinese partners.

While the electric G-Wagen promises both eco-friendliness and off-road prowess with its innovative design, questions arise about Japanese automakers’ perceived lag in EV development, countered by the strategic imperative to tap into the rapidly growing Chinese EV market. As automotive icons embrace electrification and traditional players adapt through partnerships, it’s clear that collaboration and innovation will drive the future of mobility.

News

The degree dilemma, income shifts, debt, and dream homes

Published

3 hours ago

April 29, 2024

ticker NEWS

As individuals face the daunting choice between paying off student debt, saving for a first home deposit, or exploring alternative options like rentvesting, careful consideration of various factors becomes imperative.

In the midst of these challenges, a couple in the inner north ingeniously employed a strategy to realise their dream of a larger home while managing HECS debt and affordability hurdles.

Rentvesting emerges as a viable solution for individuals grappling with the burdens of high HECS debt and property affordability issues.

Moreover, the decreasing income premium tied to a university degree is closely intertwined with changing economic dynamics and shifts in the job market, underscoring the need for innovative approaches to education and financial planning in today’s society.

News

President Biden signs TikTok bill – what’s next?

Published

3 days ago

April 26, 2024

ticker NEWS

TikTok users could soon find that the popular social media service is either under new ownership or could be outright banned in the United States.

President Joe Biden signed a bill into law that requires TikTok to find a new owner—or face a ban in the United States.

Over the past several months, Washington D.C. has been under pressure to ban the popular Chinese-owned social media app.

Lawmakers and security experts have long raised concerns that the Chinese government could tap TikTok’s trove of personal data about millions of U.S. users.

TikTok’s CEO said the bill is disappointing and reiterated that the company has committed to challenge it.

David Zhang from China Insider. joins Veronica Dudo to discuss