Former FTX spokesman Kevin O’Leary defends the crypto firm’s support

Shark Tank star Kevin O’Leary defended his position as spokesman for bankrupt crypto firm FTX on Friday on Health & Fitness Journal’s Squawk Box.

“This is America. The judicial system presumes innocence unless proven otherwise,” O’Leary replied when asked why he didn’t strengthen Bankman-Fried’s conviction. The former FTX CEO was arrested by Bahamian authorities earlier this week awaiting extradition and trial in US federal court.

O’Leary has been pushed about his paid FTX ambassadorship, venture capital career and his Defense of Sam Bankman-Fried Days before his arrest by Health & Fitness Journal’s Andrew Ross Sorkin, Joe Kernen and Becky Quick.

Kernen didn’t mince his words with the Canadian businessman. “Do you still call yourself a venture investor?” asked the Squawk Box host O’Leary. “Your venture investments could use your name as a speaker?”

“Joe, bad news. I have a very large consulting business,” O’Leary replied. Kernen continued to press O’Leary. “Are you still merging money you received from FTX that you lost, or did you actually invest some of your own funds?”

“Money is fungible,” O’Leary replied.

“So you didn’t do it. Once again, you’re a venture investor who has ventured your name,” Kernan said. “You didn’t even pay your own money for the taxes.”

O’Leary continued to recoup his lost $10 million investment in FTX, which he was awarded as part of his compensation for appearing as a paid spokesperson. Traditional venture investing typically involves a fund or an individual investing their own funds in a company.

“They had to open this round for me,” O’Leary said. “I currently have 54 companies in my portfolio.”

“Kevin, you’re an actor in this drama, and you had a front row seat to the end of Bankman-Fried,” Sorkin said. “What do you think happened? Do you think that was cheating?”

“I have no facts. [New FTX CEO] John Ray doesn’t have them yet. He’ll get her,” O’Leary replied. “I’m going through my papers. I am willing to fund a forensic account of our accounts.”

“There are a lot of bad things that have been said here, and a lot of them will probably be true,” he added.

But at the same time, O’Leary said he wasn’t inclined to give in to outraged investors on Twitter.

“I understand the herd is angry,” said the businessman, who is also a Health & Fitness Journal contributor.

Sorkin also noted that unlike Tom Brady or Larry David, investors might expect O’Leary to know better than most whether FTX is problematic or not.

“Companies advertise, and they do it this way,” O’Leary said.

Kernen also pressured O’Leary in his quick about-face to Bitcoin.

“Did that conversion go together with the $15 million you received from FTX?” Kernen asked. “No,” O’Leary said, explaining that his Bitcoin investments began years before he became an ambassador for FTX in 2018.

But Sorkin pointed to a TV appearance in 2019, noting that O’Leary called Bitcoin “garbage.”

“Then I’m wrong,” said O’Leary. “The point is, it took me a long time to become a paid speaker. Long before.”

“I love being sanded by you guys every day. It’s fantastic,” concluded O’Leary.

Disclosure: Health & Fitness Journal owns exclusive off-network cable rights to Shark Tank.