{"id":540244,"date":"2023-01-18T05:09:31","date_gmt":"2023-01-18T02:09:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/there-will-be-many-more-zeros-kevin-oleary-on-ftx-like-collapses-to-come\/"},"modified":"2023-01-18T05:09:31","modified_gmt":"2023-01-18T02:09:31","slug":"there-will-be-many-more-zeros-kevin-oleary-on-ftx-like-collapses-to-come","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/there-will-be-many-more-zeros-kevin-oleary-on-ftx-like-collapses-to-come\/","title":{"rendered":"# &#8216;There will be many more zeros&#8217; \u2014 Kevin O&#8217;Leary on FTX-like collapses to come"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f0eec344ac\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f0eec344ac\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/there-will-be-many-more-zeros-kevin-oleary-on-ftx-like-collapses-to-come\/#%E2%80%9D_%E2%80%98There_will_be_many_more_zeros_%E2%80%94_Kevin_OLeary_on_FTX-like_collapses_to_come_%E2%80%9C\" >&#8221; &#8216;There will be many more zeros&#8217; \u2014 Kevin O&#8217;Leary on FTX-like collapses to come &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_%E2%80%98There_will_be_many_more_zeros_%E2%80%94_Kevin_OLeary_on_FTX-like_collapses_to_come_%E2%80%9C\"><\/span>&#8221; &#8216;There will be many more zeros&#8217; \u2014 Kevin O&#8217;Leary on FTX-like collapses to come &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>Unregulated crypto exchanges will continue to fall like dominoes post-FTX, with plenty more \u201cmeltdowns\u201d to come, warns Shark Tank star and investor Kevin O\u2019Leary.<\/p>\n<p>O\u2019Leary, a former spokesperson and proponent for the now-bankrupt FTX exchange, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=xckrkxhrP4M&amp;t=3s\">told<\/a> Kitco anchor David Lin in a Jan. 17 interview that the collapse was just one in a long line of \u201cunregulated exchanges\u201d likely to fail: <\/p>\n<blockquote><p>\u201cIf you\u2019re asking me if there\u2019s going to be another meltdown to zero? Absolutely. 100% it\u2019ll h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en, and it\u2019ll keep happening over, and over and over again.\u201d<\/p><\/blockquote>\n<p>Unregulated exchanges are those that aren&#8217;t subject to regular auditing, aren\u2019t registered and regulated by a securities commission, and don\u2019t operate under rules similar to traditional stock exchanges and brokerages. <\/p>\n<p>\u201cWell, all of these exchanges, all the unregulated exchanges are having massive outflows right now. Smart money has got the joke. They saw what happened at FTX and they\u2019re not sitting around for an explanation,\u201d he said.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/80c89dcd-a7ae-4a9c-83ce-970e43148f2a.PNG\"><figcaption style=\"text-align: center;\">Kevin O\u2019Leary interview with Kitco <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a>. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">YouTube<\/a><\/figcaption><\/figure>\n<p>The Shark Tank star then made a stark warning to so-called \u201cunregulated\u201d crypto exchanges.\u00a0<\/p>\n<blockquote><p>\u201cIf you&#8217;re not willing to be audited, [&#8230;] you don&#8217;t have an audit, you don&#8217;t want to be transparent, you don&#8217;t want to disclose ownership, why should institutional capital stay? Of course, it&#8217;s not going to.\u201d<\/p><\/blockquote>\n<p>The collapse of FTX in November prompted fierce calls from the community for greater transparency from crypto exchanges. Within weeks, five centralized exchanges completed their proof-of-reserve audits, while plenty more announced plans to do the same. <\/p>\n<p>However, some observers, including a senior official from the United States Securities and Exchange Commission (SEC), warned that proof of reserves don\u2019t paint a true picture of a company\u2019s financial position and asked investors to be \u201cvery wary\u201d of the claims being made. <\/p>\n<p>Some of the auditors, such as Mazars have seemingly back-flipped on their support for crypto companies. In December, the company removed its audit for crypto exchange Binance and reportedly stopped doing proof-of-reserve audits for crypto companies altogether. <\/p>\n<p>Other auditing firms such as FTX\u2019s auditor Armanino have also reportedly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/emilymason\/2022\/12\/15\/ftx-accounting-firm-armanino-ends-crypto-audit-practice\/?sh=5bd09de9362f\">stopped<\/a> working with crypto exchanges like OKX and Gate.io. O&#8217;Leary commented:<\/p>\n<blockquote><p>\u201cFrankly, you know, it&#8217;s very hard to find an auditor that wants to touch this stuff right now because of the unregulated cowboy environment. It&#8217;s all going to end and yes, there\u2019ll be many more zeros.\u201d<\/p><\/blockquote>\n<p>Earlier this month, O\u2019Leary\u2019s fellow Shark Tank host Mark Cuban told The Street that crypto wash trading on centralized exchanges will be the cause of the next crypto \u201cimplosion.\u201d<\/p>\n<p>As much as 70% of the volume on unregulated exchanges is wash trading according to a December report by the National Bureau of Economic Research (NBER).<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Binance &#8216;put FTX out of business&#8217; \u2014 Kevin O&#8217;Leary<\/em><\/strong><\/p>\n<p>Despite the noise, O\u2019Leary says he\u2019s doubling down on his crypto investments, particularly in Bitcoin (BTC). <\/p>\n<blockquote><p>\u201cI have been going back into crypto markets lately. Any time Bitcoin drops below $17,000 I add to our positions there.\u201d<\/p><\/blockquote>\n<p>\u201cCrypto is getting very interesting because we\u2019re finally starting to see the bearer of regulation coming into play and I think long-term that\u2019s a good thing,\u201d he added.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/there-will-be-many-more-zeros-kevin-o-leary-on-ftx-like-collapses-to-come\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; &#8216;There will be many more zeros&#8217; \u2014 Kevin O&#8217;Leary on FTX-like collapses to come &#8220; Unregulated crypto exchanges will continue to fall like dominoes post-FTX, with plenty more \u201cmeltdowns\u201d to come, warns Shark Tank star and investor Kevin O\u2019Leary. O\u2019Leary, a former spokesperson and proponent for the now-bankrupt FTX exchange, told Kitco anchor David&#8230;<\/p>\n","protected":false},"author":1,"featured_media":540245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/bf372ca0-240b-435c-a304-db4fb639e20e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74860,75917,135234,4978,117],"class_list":["post-540244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrency-exchange","tag-exchanges","tag-ftx","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=540244"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/540245"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=540244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=540244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=540244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}