According to O’Leary, he spoke with the FTX founder Sam Bankman-Fried after the business declared bankruptcy. He quoted Bankman-Fried as saying that a large portion of the missing money was used to buy back FTX shares from Binance founder Changpeng “CZ” Zhou.

O’Leary said that $2 billion to $3 billion in funds were used to buy shares, emptying the balance sheet of all assets in the process.

He further testified to the senate that, Binance is a massive unregulated monopoly now. This is my personal opinion.

Furthermore, Bankman-Fried had stated that he needed to purchase these shares because CZ was effectively blocking compliance requirements in a number of different locations where the exchange was attempting to gain regulatory approval。