"Shark Tank's" Kevin O'Leary and SkyBridge's Anthony Scaramucci didn't mince words when it came to discussing the fate of FTX at Benzinga's Future of Crypto event in New York on Wednesday, Dec. 7.

"We all look like idiots; let's call it what it is," O'Leary said. "We all have egg on our face. But this is not the end of the story."

Scaramucci agreed. "I'm heartsick for the people that work there," the crypto hedge funder said. "They've all been blown out of their seats."

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Collapsed crypto exchange FTX lent more than half of its customer cash to its sister business, Alameda, without customer approval. The combined losses are estimated to hover around $4 billion.

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