During a senate hearing on December 14th, Kevin O’Leary, a Canadian businessman, claimed that the two major crypto exchanges were engaged in an all-out war with one another, Binance and FTX.
Kevin accused Binance of intentionally putting its competitor FTX out of business and establishing itself as a “massive unregulated global monopoly.”
David Schwartz, CTO of Ripple, weighed on Kevin in light of this hearing and stated that he believes Binance is responsible for the FTX crash despite a massive amount of evidence, “Does this man have no shame?”
To be clear, he said, if Binance had anything to do with FTX plummeting, they performed a public service since it would be better for everyone concerned if this “growing cancer,” which has been a fraud since day one, was put to an end as soon as possible.
John E Deaton, Founder of Crypto-Law.us, also commented on this hearing by stating that “the fact that the Senate called Kevin as a witness is a joke.” He added that Kevin supports SBFraud and indicated that he would continue to invest with him, which is a slap in the face to all of the innocent people Kevin and SBF injured.
Kevin O’Leary Vs. Binance
On December 6th, Kevin O’Leary urged restraint in the aftermath of FTX’s collapse in an interview with Yahoo Finance. He demanded that an audit of FTX be conducted to determine where the exchange’s monies went so that investors may receive their money back.
Kevin said that all of the exchange’s transactions are 100% auditable due to blockchain technology and that the truth about FTX would become clear when this audit is carried out. If someone had broken the law, they would then face legal action.
In another interview with CNBC, Kevin said that unless proof of his guilt emerges, the former CEO of the exchange, SBF, should be treated as innocent until trial.
Binance CEO, Changpeng Zhao, argued that Kevin would imagine that being used as the face of one of the worst financial frauds in history would make Kevin hesitate about taking “Sam at his word AGAIN,” which would be worse than losing $15 million.
CZ also said in his Twitter Thread:
If Kevin O’Leary is looking for someone to blame for the implosion of FTX, he should start by wagging his finger at his investment partner, Sam, and then perhaps at the man in the mirror.
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