WATCH LIVE: Shark Tank’s Kevin O’Leary testifies before Senate Banking Committee on FTX scandal
Ryan King
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Shark Tank host Kevin O’Leary is testifying before the Senate Banking Committee on the FTX collapse that is estimated to have cost him $15 million.
Subsequent to the collapse, O’Leary conceded that he fell victim to “groupthink” and had not done his proper due diligence on the investment. FTX had positioned itself as a white knight in the crypto industry over the summer, bailing out faltering firms during a downturn. But in early November, the company began to unravel publicly and ultimately plunged into bankruptcy alongside founder Sam Bankman-Fried’s Alameda Research.
O’Leary insists that none of his partners lost money on the deal and has sought to uncover where his investment money went. Bankman-Fried, also known as SBF, has been at the center of a growing crypto scandal amid allegations that FTX used customer money in its cryptocurrency to fund risky investments made by his trading firm, Alameda Research.
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The Shark Tank host will be joined in his testimony by law professor Hilary Allen at American University Washington College; Jennifer Schulp, director of financial regulation studies at the Center for Monetary and Financial Alternatives for the Cato Institute; and actor Ben McKenzie Schenkkan. More witnesses may be called at a later point in time.