"This Will NEVER Happen Again!" | Kevin O'Leary Responds to FTX Collapse

Another day, more lies, and more drama for Sam Bankman Fried and FTX. Just one day after posting a 22-thread tweetstorm that included multiple “I’m Sorry”s… an emphasis on how ‘now’ the main focus is transparency and doing right by the consumer…and most importantly, stating that FTX.us was liquid and not a concern, SBF did the complete opposite of everything he said in the tweets. He resigned from FTX and filed for chapter 11 bankruptcy with just about all the entities under his so-called ‘crypto empire’ being included. As we’ve said before, this domino effect appears to just be getting started. After stating that ‘all products are fully operational”, BlockFi has now paused clients' ability to withdraw funds, citing “lack of clarity” around FTX’s current situation. It also told clients not to deposit to their wallet or interest accounts. After this epic collapse, regulation for crypto is now at the forefront of any crypto conversation. In a brief interview with CNBC, famed venture capitalist Kevin O’Leary, who was a staunch supporter and shareholder of FTX, gave his sobering take on the situation. O’Leary is clearly disappointed at what has transpired but sees the silver lining. Kevin believes this will force regulation to move faster because institutional money will pull out of the crypto space until regulation is in place.