Billionaire Mavericks? Owner Mark Cuban Clarifies FTX Position After Shark Tank?s Kevin O?Leary Supported Stephen Curry?s Crypto Sponsors

Stephen Curry’s crypto sponsor FTX has taken a huge hit in recent times. The cryptocurrency exchange firm filed for Chapter 11 bankruptcy protection in the US, following the loss of billions of dollars in user funds. The situation got worse when the cryptocurrency exchange platform got hacked, and hundreds of millions of dollars were reportedly stolen hours after the firm filed for bankruptcy. Now, Dallas Mavericks owner Mark Cuban has come in support of his Shark Tank colleague’s take on the crypto sponsors of Stephen Curry after Kevin O’Leary had spoken in favor of the company recently.

Stephen Curry and the Golden State Warriors have endorsement deals and marketing agreements with FTX. The cryptocurrency firm did multimillion-dollar agreements with several teams across different sports in 2021. Moreover, Curry made his first investment in the crypto market by partnering with FTX in September last year. The four-time NBA champ’s foundation Eat.Learn.Play also collaborated with the crypto exchange on charity ventures.?

Cuban clarified position on the crypto sponsors of Stephen Curry

Recently, Mavericks’ boss Mark Cuban clarified Kevin O’Leary’s stance on Stephen Curry‘s crypto sponsors on Twitter. Cuban’s comments have come in agreement with Canadian businessman Kevin O’Leary’s opinion from last month.

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Cuban wrote, “These blowups have not been crypto blowups, they have been banking blow-ups. Lending to the wrong entity, misvaluations of collateral, arrogant arbs, followed by depositor runs. See Long Term Capital savings & Loan and Sub-Prime blowups. All different versions of the same story.”

Cuban claimed that banking vow-ups were a major reason behind the FTX bankruptcy situation. He felt that the lack of an ideal strategy and poor decisions were the reason behind the downfall of Stephen Curry’s crypto sponsors. Meanwhile, O’Leary had shown his trust in FTX last month before the controversy. He felt FTX was a safe investment option. However, things have escalated negatively for the crypto exchange since then.

O’Leary expressed faith in FTX amid troubles

Kevin O’Leary is the chairman of the venture capital firm O’Leary Ventures. He reiterated his trust in FTX in a recent statement. O’Leary suggested that it was too early to write off the crypto exchange company. Unfortunately, FTX find themselves in deep trouble after rival exchange Binance decided to retract a planned bailout deal.

O’Leary said, “If I could buy FTX today and figure out how much risk there is with regulators and everything else, I would be looking at that asset. “

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Hopefully, Stephen Curry’s crypto sponsors will find a way to survive and find a way to resolve their financial troubles.