Kevin O’Leary, widely known as “Mr. Wonderful” from Shark Tank, said the now-bankrupt crypto exchange FTX paid him nearly $15 million to act as a spokesperson for the platform. In an interview with CNBC, O’Leary said the total compensation package was just under $15 million. Of that amount, he said roughly $9.7 million was invested into crypto, money he now considers essentially wiped out.
How the compensation broke down
O’Leary also disclosed that he held more than $1 million in FTX equity, which has effectively become worthless as the company moved through bankruptcy protection. He added that the remaining balance of a little over $4 million was largely consumed by taxes and agent-related fees.
Reflecting on the deal, O’Leary admitted it was “not a good investment.” He also said he had fallen victim to “groupthink,” suggesting that broader market sentiment may have influenced his judgment around FTX.
FTX collapse and the reaction around SBF
FTX filed for bankruptcy on Nov. 11, and founder Sam Bankman-Fried stepped down as CEO. The exchange has since come under investigation over the handling of customer funds. In bankruptcy proceedings, new CEO John Ray said he had never seen “such a complete failure of corporate controls” or such a lack of reliable financial information in his career.
Despite losing millions in the collapse, O’Leary has continued to defend Bankman-Fried to a degree, saying he still views him as one of the best traders in crypto and would back him again in a future venture. That stance has drawn strong criticism across the crypto industry, where many see Bankman-Fried as central to one of the sector’s most damaging failures. Some commentators have even compared the FTX implosion to Bernie Madoff’s Ponzi scheme.
The report also noted that Bankman-Fried has denied knowingly committing fraud. O’Leary previously said he had nearly secured $8 billion in an effort to rescue FTX before the exchange ultimately entered bankruptcy.