Kevin O'Leary, the famous star of Shark Tank, expressed the reasons for the failure of data encryption and FTX exchange differently. He shared this with the US senator. O'Leary told the US House of Representatives that FTX is often unsuccessful because its competitor, Binance, intends to suspend its business.

On Wednesday, at a congressional hearing called "Data Encryption Crash: Why the FTX foam Burst and Damage to Customers" held by the Senate Committee on Banking, Housing and Urban Affairs, the famous Shark Tank star shared his despairing views on the data encryption trading center FTX. "Why do I think FTX failed?" Olivier was asked by Pat Toomey (R-PA), a BTC member. Com reports.

"I have an opinion. I have no record," O'Leary responded. He shared his interaction with Sam Bankman Fried (SBF), the former FTX CEO, and he noticed that the assets had disappeared from his FTX account.

"After my account was robbed of all property and all financial accounting and business information, I could not get answers from all the management of the enterprise, so I called Rob Bankman Fried and asked him, 'Where is the money, Rob?'" O "Leary said.

Bankman Fried told O'Leary that he "will not understand". Because SBF has already "been denied access to the server", according to the famous star of Shark Tank. "This is also a typical example in my mind, 'Where has the money gone?'" he told the House of Lords Federation.

O'Leary then stipulated the operation process for SBF to describe how to use FTX property in the past 24 months. He learned about a transaction worth 2 billion to 3 billion US dollars to repurchase FTX shares of the company from Binance.

"I didn't know this at that time, but under certain circumstances, Zhao Changpeng (CZ), who runs Binance, bought 20% of the shares of Nick Bankman Fried Enterprise as seed stock," O'Leary told the House of Lords Federation. "What drives you to do this? Why don't you leave your property on the balance sheet?" She asked SBF.

SBF told O'Leary that each time FTX applied for a license in different jurisdictions, Binance and CZ "would not follow the needs of the regulatory authorities, and would allow FTX to obtain license data information."

FTX determined to spend about 3 billion US dollars to repurchase its individual shares from Binance, thus leaving the company's balance sheet. He added: "I think, personally, these two have independent market leaders together, and they have developed some amazing projects in the direction of improvement, and they have fought each other.".

He concluded: "One company intends to let the other go bankrupt. Maybe there is nothing wrong with that... But Binance is now a large and medium-sized industry that will not be subject to supervision worldwide. They let FTX go bankrupt.".