Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, says recent blowups in the crypto space, including the FTX implosion, “have been banking blowups,” not crypto blowups. He also explained why he invests in crypto.
Recent Blowups Aren’t Crypto Specific
Mark Cuban explained on Twitter Saturday that the implosion of FTX is not a crypto blowup. Commenting on his Shark Tank co-star Kevin O’Leary discussing why the collapse of the crypto exchange signals a turning point in the industry, Cuban tweeted:
These blowups have not been crypto blowups, they have been banking blowups.
“Lending to the wrong entity, misvaluations of collateral, arrogant arbitrages, followed by depositor runs,” the Shark Tank star elaborated. “See long-term capital, savings & loan and sub-prime blowups. All different versions of the same story.”
Many people on Twitter agreed with Cuban. One user described: “There was nothing specific about crypto … Other recent blowups (3
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