Unregulated crypto exchanges will continue to fall like dominoes post-FTX, with plenty more “meltdowns” to come, warns Shark Tank star and investor Kevin O’Leary.

O’Leary, a former spokesperson and proponent for the now-bankrupt FTX exchange, told Kitco anchor David Lin in a Jan. 17 interview that the collapse was just one in a long line of “unregulated exchanges” likely to fail:“If you’re asking me if there’s going to be another meltdown to zero? Absolutely. 100% it’ll happen, and it’ll keep happening over, and over and over again.”

Unregulated exchanges are those that aren't subject to regular auditing, aren’t registered and regulated by a securities commission, and don’t operate under rules similar to traditional stock exchanges and brokerages.

Some of the auditors, such as Mazars have seemingly back-flipped on their support for crypto companies. In December, the company removed its audit for crypto exchange Binance and reportedly stopped doing proof-of-reserve audits for crypto companies altogether.

Other auditing firms such as FTX’s auditor Armanino have also reportedly stopped working with crypto exchanges like OKX and Gate.io. O'Leary commented:“Frankly, you know, it's very hard to find an auditor that wants to touch this stuff right now because of the unregulated cowboy environment. It's all going to end and yes, there’ll be many more zeros.”

As much as 70% of the volume on unregulated exchanges is wash trading according to a December report by the National Bureau of Economic Research (NBER).