FTX bankruptcy is ‘somebody running a company that’s just dumb-as-f—ing greedy,’ says Mark Cuban

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Mark Cuban, the owner of the Dallas Mavericks, gave his opinion on the demise of FTX.

The person running the company is dumb-as-fuck greedy.

— Mark Cuban

At a conference hosted by the Sports Business Journal in Washington, D.C. on Friday, Cuban said that avarice was the root of the downfall of Sam Bankman-Fried's firm.

What does SamBankman do? He just said gimme more. I am going to borrow money, loan it to an affiliated company and hope that the FTX token that are in there on my balance sheet are going to sustain their value.

Mark Cuban said buying metaverse real estate was the dumbest thing he had ever done.

The collapse of FTX is a stunning turnabout for a company that was once valued at $26 billion and whose founder, Bankman-Fried, was seen by many in the digital currency industry as a venerable actor in the Wild West of digital exchanges.

The 30-year-old was referring to the collapse of his exchange.

After the exchange experienced the equivalent of a bank run, it sought protection. FTX and dozens of related companies filed for Chapter 11 in Delaware on Friday. The net worth of Bankman-Fried has plummeted since the FTX implosion.

Over the last seven days, the price of FTX's native token, FTT, went down by 88.8%.

The Securities and Exchange Commission and the US Justice Department are looking into the matter.

According to reports, regulators are looking into whether FTX used customer deposits to fund bets.

Cuban, one of the stars of the investing show "Shark Tank" and sold Broadcast.com to Yahoo in 1999, is a big investor in cryptocurrencies. According to a CNBC report, he said that 80% of his investments aren't on "Shark Tank"

Tom Brady, Stephen Curry and Kevin O'Leary are going to lose a lot.

Cuban is part of a class-action lawsuit aimed at a group accused of misleading investors into signing up for accounts with a virtual currency. According to the suit, Cuban referred to it as close to risk-free as he was going to get in thecryptocurrencies.

Cuban talked about the show in his interview. MarketWatch requested comment from representatives for the billionaire investor.

The Mavericks owner said that thecryptocurrencies have been banking blow ups. Lending to the wrong entity leads to depositor runs.

Cuban has a net worth of $4.7 billion.