Kevin O’Leary, a Canadian investor and host of the TV show Shark Tank, believes that the unregulated cryptocurrency market will lead to the collapse of other companies, such as FTX.

In a recent interview, he stated that some of the “unregulated exchanges” are hesitant to work with auditing firms to present accurate liquidity details, which has pushed institutions away.

He also said that it is hard to find an auditor that wants to touch the industry due to the “unregulated cowboy environment.”

Despite his concerns, he remains a proponent of the digital asset industry and has invested 5% of his wealth in Bitcoin.

O’Leary was an advocate of FTX prior to its collapse, but lost all of his funds and refused to classify the CEO as a fraudster.