FTX needs to be audited before Sam Bankman- Fried can be found guilty of any wrongdoing, according to Kevin O'Leary.
All of my lawyers have been told to keep their stunrs on until we have facts. In an interview with Yahoo Finance on Friday, O'Leary said that they would get the money back. Who will go to jail? I don't know what to think. Which one was fraudulent? I don't know what to think. I will discover it.
He was a paid FTX spokesman and an investor in the exchange. Over the last month, the fall of FTX has roiled the market, and details of mismanagement and bad governance have trickled out of the proceedings. FTX didn't have an in-house accounting department and co-mingled customer funds with funds of Alameda Research.
At least $1 billion in customer funds vanished from the exchange in the days following its Chapter 11 filing, and the company spent $100 million on luxury vacation homes for employees. The former FTX CEO denied accusations of fraud in an interview.
He told Yahoo Finance that he jumped to Bankman-Fried's defense after seeing his own accounts show losses. The firm would need to be audited before fraud allegations could be proven, and he demanded to see his own account's records. FTX is auditable due to the fact that transactions are recorded in a public ledger on the block chain.
Sam Bankman- Fried is accused of being a fraudster, he stole the money, and hid it in his own account. If we don't have a way to audit it, how does anyone know? O'Leary made a statement. Are they as baseless as Sam Bankman- Fried is?