Galaxy Digital CEO Mike Novogratz & Shark Tank Investor Kevin O’Leary on FTX Collapse 11/11/22

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.5 • 66 Ratings

🗓️ 11 November 2022

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors begin today’s show with CNBC’s Kate Rooney and crypto exchange OKX Managing Director Lennix Lai discussing FTX’s decision to file for bankruptcy. Then, Galaxy Digital CEO Mike Novogratz joins with his firm bracing to lose nearly $77 million linked to FTX, and SEC Commissioner Hester Peirce discusses ways to regulate the crypto industry. Next, FTX investor and O’Leary Ventures Chairman Kevin O’Leary discusses the platform’s collapse and his outlook for digital currencies, and Citi analyst Joseph Ayoub weighs in on what the FTX crisis means for crypto-related stocks. Later, our Julia Boorstin discusses a string of new executive departures at Twitter.

Transcript

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0:00.0	I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:09.4	Good Friday morning. Welcome to Tech Check. I'm Deirdreboza with Carl Kintania and John Fort.
0:14.0	Today we continue to follow the collapse of FTX and the drop in crypto prices. New this morning,
0:19.2	FTX commencing voluntary Chapter 11 bankruptcy proceeding.
0:23.1	Meanwhile,
0:25.8	and the transition process.
0:29.9	Kate Rooney is with us to help kick off the hour.
0:33.2	Kate, always great to have you here.
0:34.7	You have been digging through this bankruptcy filing.
0:37.8	What have you found? I mean, even at first glance, Alameda Research estimates a company has a
0:42.4	$10 to $50 billion in liabilities. That's quite the gap. Yeah, that gap. And I'm told that
0:49.1	could change significantly. It's hard to mark up some of the liabilities. Also the sheer amount of
0:54.1	companies.
0:54.5	So 134 affiliates are listed here.
0:57.4	West Realm Shires is technically this parent company of FTX, but it ranges from companies in Nigeria
1:03.7	to Uganda, Hong Kong, Singapore.
1:06.6	So the global impact of this is likely much bigger than any of the big bankruptcy cases we've
1:11.9	talked about or alleged or potential fraud cases in the case of Theranos.
1:16.7	This is an extremely global company, so the reach is massive.
1:20.4	The other number, more than 100,000 creditors.
1:22.9	So these are sort of individuals on the platform that are owed money.
1:27.3	It's going to take a long time to really parse through some of the issues here.
	...

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