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

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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.”

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.

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World

Daylight reveals full extent of destruction in Turkey

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A massive 7.8 magnitude earthquake has shaken the country

 
Daylight is revealing the full scale of destruction following a powerful 7.8 magnitude earthquake in central Turkey.

The massive quake occurred at a depth of 10 kilometres, near heavily populated areas.

The death toll has now surpassed 100 and authorities warn this number will only rise.

As snow fell, residents were forced to find shelter on the streets.

The tremor was so significant it was felt felt in Cyprus, Lebanon and Syria.

The governor of Turkey’s southeastern province has taken to Twitter, saying his region has a number of destroyed buildings – urging people to move to safe locations.

This footage shows a survivor being pulled from the rubble. #trending #featured

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World

Beyoncé reins supreme at 65th Grammy Awards

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Beyoncé has broken the record for most wins ever

 
Beyoncé has reminded us all once again why she truly is the Queen Bee – breaking the record for the most Grammy Award wins of all time.

Trying not to be emotional, the singer thanked her family, including her late uncle Jonny.

Jonny helped make her stage outfits before she rose to fame while also introducing her to much of the sonic influences we hear on Renaissance.

Know as “music’s biggest night”, the Grammys are the industry’s most prestigious awards.

Adele, Harry Styles, Taylor Swift, Lizzo, Shania Twain and Stevie Wonder were just some of the stars in attendance.

Speaking of Harry, he won best pop album for Harry’s House.

Dressed in a white tux, Styles received his award with a kiss from Jennifer Lopez. #trending #featured

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Business

TikTok could be banned in the United States

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TikTok in the firing line after Chinese balloon was shot down

 
China has hit back at the U.S. after officials shot down a suspected Chinese spy balloon off the coast of South Carolina.

Washington says it was being used to monitor strategic sites.

But Beijing rejects this – claiming the balloon was a civilian airship used to monitor the weather.

The incident is just the latest in a long line of diplomatic disputes between the two countries.

Now, TikTok could be banned in the U.S. in the wake of the incident.

Republicans are now pushing for Washington to distance itself from the Beijing-based app. #trending #featured

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