The founder of FTX, Sam Bankman-Fried, has been arrested and charged with conspiracy to commit money-laundering, but Kevin O'Leary continued to promote the potential of Cryptocurrencies during testimony before Congress.
The Senate Banking, Housing, and Urban Affairs Committee heard testimony from Kevin O'Leary.
"We need to get to the bottom of what happened at FTX, but we can't let its collapse cause us to abandon the great promise and potential of cryptanalysis," O'Leary wrote in his testimony for the Senate Committee on Banking, Housing and Urban Affairs.
It sounded eerily similar to Bankman-Fried's and did not mention the alleged fraudulent business practices and misuse of billions of dollars of customer funds that landed Bankman- Fried eight federal criminal charges.
The two companies were at war and one put the other out of business.
The collapse of FTX was caused by the collapse of its token FTT, which was sold by Changpeng Zhao and his firm to another company.
The unloading of FTT and acquisition reversal may have accelerated FTX's collapse, but there's little evidence to back up O'Leary and Bankman-Fried's assertion that FTX may have emerged unscathed.
Bankman- Fried told Forbes that Zhao acted in bad faith.
Bankman-Fried, a former billionaire, was charged with wire fraud and money-laundering after his arrest by the authorities. Bankman-Fried was supposed to testify before the House in a separate hearing, but his appearance was canceled due to his jail sentence. According to a copy of his prepared testimony obtained by Forbes, he was going to blame bad actors for FTX's demise. Tom Brady and Stephen Curry were among the celebrity endorsers and equity stakeholders of FTX. In December of last year, O'Leary told Forbes that about 10% of his investment portfolio was devoted to tHe digital currency. Since that interview, the largest token is down more than 50%. If O'Leary is looking for someone to blame for the implosion of FTX, he should start by wagging his finger at his investment partner, Sam.
It's about fifteen million. He doesn't expect to see that amount of endorsement money again since it was held in equity stakes in FTX.
Ben McKenzie, best known for his role on The O.C., testified before the Senate panel on Wednesday about lying in order to make money.
Mark Cuban said last month that Bankman-Fried was a stupid company and that he wouldn't forgive them.
Everyone was going to be blamed in front of congress today.
The NFTs are going to be bigger than the digital currency.
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