Mark Cuban’s crypto scam trial is just getting started

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Mark Cuban’s crypto scam trial is just getting started

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Arman Shirinyan

Famed Bitcoin critic thinks Mark Cuban won’t be the last

Peter Schiff has shared his point of view on the lawsuit against Mark Cuban, who allegedly promoted a cryptocurrency scam which resulted in financial losses among those who invested in a Ponzi scheme.

Schiff thinks the Cuba story is just the beginning, and he’s been warning people for years that when the Bitcoin bubble bursts, everyone who’s lost money in the cryptocurrency industry will try to recover part of it by prosecuting the people who promoted certain projects or gave investment advice.

The famous bitcoin critic also thinks Cuban knew how dangerous investing in bitcoin can be, and the businessman knew it was a “scam,” but decided to promote some anyway. projects.

Schiff was surprised that Cuban took the opportunity of the market and his name to cash in on crypto mania as he believed the Shark Tank star had more than enough money to live happily without linking his name to cryptocurrency scams .

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Ultimately, the gold proponent added that the only winners from this whole situation are the lawyers. Schiff remains a staunch critic of Bitcoin and does not believe in the long-term future of the asset or the technology behind it.

Recently, Schiff predicted a significant drop in the first cryptocurrency ahead of BTC’s plunge to $21,000.

The crooks lose their power

According to the latest cryptocurrency industry report by On-chain analysisthe cumulative monthly value received from scams fell significantly, with scammers’ revenues plunging to $1.6 billion, 65% lower than the same period in July last year.

The correction in the cryptocurrency market and the absence of large Ponzi schemes are the two main reasons for the decline in scam revenue.

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