Opinions expressed by Entrepreneur contributors are their own.
Investor and Shark Tank Judge Kevin O’Leary on Thursday said that he has lost $15 million FTX paid him to act as a spokesperson for the now bankrupt crypto exchange. Some people have called FTX fraudulent.
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Celebrities like Tom Brady, Shaquille O’Neal and Larry David were sued by FTX investors. According to the FTX investors, the exchange’s ambassadors should have done more due diligence and exercised extra caution before promoting the crypto exchange. He stated that he feel prey to groupthink. However, none of O’Leary’s partners lost money.
“It was not a good investment,” O’Leary said. “Total deal was just under $15 million, all in. I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero.”
The investor stated he was drawn to FTX’s compliance systems which led him to invest in the crypto exchange. He aggressively promoted the crypto firm on Twitter and online. Since the collapse of FTX, Sam Bankman-Fried has resigned as well as facing multiple investigations and the company is battling bankruptcy claims in the courts.
According to O’Leary, he had more than $1 million of FTX equity which has since been rendered worthless due to the bankruptcy case.
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