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Ripple CTO Slams “Shark Tank” Star Over Stance on FTX

Thu, 12/15/2022 - 06:17
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Alex Dovbnya
The Ripple executive remains puzzled by Kevin O'Leary's recent statements about the FTX collapse
Ripple CTO Slams “Shark Tank” Star Over Stance on FTX
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In a recent tweet, David Schwartz, Ripple's chief technology officer, took aim at Canadian businessman Kevin O'Leary after the latter seemingly blamed Binance, the largest cryptocurrency exchange, for the collapse of FTX, its main rival. 

During a hearing held by the Senate Banking Committee on Wednesday, O'Leary alleged that Binance and FTX were at war with each other, and "one put the other out of business." The "Shark Tank" star went on to allege that Binance did this "intentionally."        

Following the collapse of its main competitor, Binance has now turned into a "massive unregulated global monopoly." "They put FTX out of business," he added.   

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Schwartz says that O'Leary is making those claims "against the entire weight of an absurdly massive amount of evidence."    

The collapse of FTX came after Binance CEO Changpeng Zhao announced that Binance had decided to liquidate its holdings of FTT, the native token of FTX, amid speculation about the exchange's solvency.  

After failing to secure an acquisition deal with Binance, FTX filed for bankruptcy on Nov. 11.     

Earlier this week, Bahamian authorities arrested disgraced FTX founder Samuel Bankman-Fried after U.S. federal prosecutors formally charged him with fraud. 

Recently, Schwartz opined that the crypto giant collapsed because it used customers' funds while also failing to manage risks.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at