December 3, 2023

In a CNBC interview, Shark Tank investor Kevin O’Leary defended his role as a spokesperson for the bankrupt crypto exchange FTX. O’Leary also reacted to CZ’s claim that he was a liar.

According to O’Leary, Binance CEO Changpeng ‘CZ’ Zhao’s accusations suggested that he perjured himself during the testimony he granted before the US Senate banking committee on Dec. 14.

O’Leary Doubles Down on Binance Role in FTX Collapse

At the Senate hearing, O’Leary opined that Binance had put its rival FTX out of business. The statement elicited a strong blowback from Binance CZ, who called him a liar in a separate CNBC interview.

However, the famous investor has insisted that Binance’s decision to sell its $550 million worth of FTT tokens played a role in the eventual demise of FTX. O’Leary said, “you ask anybody why Sam Bankman-Fried or the company was forced into bankruptcy? It was jamming down the last half a billion that gave him no option.”

On Nov. 6, Binance revealed it was going to liquidate its FTT holdings. Former Alameda CEO Caroline Ellison offered to buy each FTT token at $22 apiece. However, the events culminated in the eventual demise of SBF’s crypto empire.

O’Leary Suggests $2.1B Clawback From Binance

Kevin O’Leary further suggested that the $2.1 billion FTX paid to Binance to buy out its shares could be subject to a clawback.

He said if he were on the credit committee, he would look forward to the $2.1 billion clawback because every shareholder has to have an answer.

Meanwhile, he noted that the payment might not be subject to the “Madoff style clawback.”

Binance CEO reportedly dismissed concerns about a potential clawback from the FTX bankruptcy proceedings. However, CZ only gave an evasive answer of “we’re financially ok.”

His response generated a lot of FUD among the crypto community on Twitter, with one member asking him a Yes/No question on his firm’s solvency.

Binance has processed billions in withdrawals over the past week as the community becomes increasingly concerned over the solvency of several centralized exchanges.


BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

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