Shark Tank Star Kevin O’Leary warns investors of more potential fiascos in the cryptocurrency world.

What happened: When asked by Kitco News if he thinks there could be a second FTX-like incident, he said, “Absolutely 100%,” adding that “it’s going to happen and it’s going to happen over and over again.”

O’Leary said unregulated exchanges are currently facing massive outflows, and wiser investors have noticed what happened on FTX and are unwilling to wait for explanations.

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He noted that he has recently returned to the crypto markets. “Any time Bitcoin BTC/USD falls below $17,000, I will complement our positions there.”

“The only place I currently have crypto is in the Canadian market, which is 100% regulated. You have a broker-dealer that’s affiliated with an exchange that’s regulated by the OSC[Ontario Securities Commission]all kinds of rules you can’t mix,” O’Leary said.

He added that he will not invest his money in unregulated exchanges. “Forget it, never again.”

CEO of Binance in December Changpeng Zhaocalled Leary a “liar” after accusing Binance of exploiting the FTX scandal to gain a global monopoly.

price action: At the time of writing Bitcoin traded at $23,105 in the last 24 hours, up 1%, according to Benzinga Pro.

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