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O’Leary says no one should be accused yet until pieces of evidence reveal the real truth about FTX.
Popular “Shark Tank” host and chairman of O’Shares Investments Kevin O’Leary appears to be drumming support for FTX exchange’s former CEO Sam Bankman-Fried (SBF). This follows after he made commentaries on Tuesday, that bordered on SBF and several allegations that have surfaced against him since the crash of FTX. Speaking during the interview with Yahoo Finance, O’Leary insists that SBF should be seen as innocent until proven guilty.
Meanwhile, O’Leary’s comments come after SBF granted several interviews between November 30 and December 1. In those interviews, he repeatedly claimed there was no foul play in the way FTX went down and that he is not guilty of any fraud. And as expected, his claims drew an uproar from the crypto community.
Amid the backlash, however, renowned investor Kevin O’Leary is calling for calm and believes SBF should be given the benefit of doubt. He said partly:
“…If you tell me that you didn’t – you did or didn’t do something, I’m going to believe you until I find out it’s a falsehood.”
O’Leary Suggests an Audit of FTX Exchange
Rather than disbelieving Bankman-Fried’s claims, O’Leary has suggested that FTX be audited. According to him, an audit will reveal where exactly the exchange’s funds went. He also added that, more importantly, investors will be able to retrieve some of their lost funds. That is once the audit is performed.
O’Leary also noted that his belief in auditing FTX is all thanks to blockchain technology. As a result, transactions can be properly verified, and the truth about FTX is revealed.
Meanwhile, it should be noted that the Shark Tank star did not expressly rule out some form of wrongdoing. However, he insists that a proper investigation is in order. To him, if anyone is then found to have erred or broken the law in any way, then they will be prosecuted.
FTX went from grace to grass in early November after a series of events. The exchange which was once the world’s second-largest crypto exchange, eventually filed for bankruptcy, with billions of dollars of investors’ money held up in the proceedings.