Ripple CTO Criticizes “Shark Tank” Star For Stance On FTX

Kevin O’Leary, a Canadian billionaire, appeared to blame Binance, the biggest cryptocurrency exchange, for the demise of FTX, its primary rival, in a recent tweet from David Schwartz, chief technology officer of Ripple.

O’Leary claimed during a Senate Banking Committee hearing on Wednesday that Binance and FTX were at war with one another and that “one put the other out of business.” Further, the “Shark Tank” star claimed that Binance had done this “deliberately.”

After its primary rival failed, Binance has since evolved into a “huge unregulated worldwide monopoly.” He said, “They forced FTX out of business.”

O’Leary is making those statements, according to Schwartz, “despite the entire weight of an absurdly vast quantity of evidence.” Following Changpeng Zhao’s announcement that Binance had opted to sell its holdings in FTT, the native token of FTX, citing concerns about the exchange’s viability, FTX collapsed.

On November 11, FTX declared bankruptcy because it was unable to reach a purchase agreement with Binance. Samuel Bankman-Fried, the disgraced founder of FTX, was detained by Bahamian officials earlier this week after being formally charged with fraud by federal prosecutors in the United States.

Schwartz has expressed the opinion that the crypto giant’s downfall was caused by the misuse of user assets and poor risk management.

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