“If you’re asking me if there’s going to be another meltdown to zero? Absolutely. 100%,” stated Kevin O’Leary when asked about another FTX-like collapse.
Unregulated crypto exchanges will continue to fall like dominoes post-FTX, with plenty more “meltdowns” to come, warns Shark Tank star and investor Kevin O’Leary.Kitco anchor David Lin in a Jan. 17 interview that the collapse was just one in a long line of “unregulated exchanges” likely to fail:
Unregulated exchanges are those that aren't subject to regular auditing, aren’t registered and regulated by a securities commission, and don’t operate under rules similar to traditional stock exchanges and brokerages. “If you're not willing to be audited, [...] you don't have an audit, you don't want to be transparent, you don't want to disclose ownership, why should institutional capital stay? Of course, it's not going to.”
However, some observers, including a senior official from the United States Securities and Exchange Commission , warned that proof of reservesof a company’s financial position and asked investors to be “very wary” of the claims being made.
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