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  • By The Financial District

Economist Nouriel Roubini: Crypto Is 99% Scam

Economist Nouriel Roubini is ratcheting up his fiery commentary on the stricken cryptocurrency industry, particularly toward FTX and its now-disgraced founder, Sam Bankman-Fried, commonly known as SBF, Brian Sozzi reported for Yahoo Finance.


Photo Insert: Roubini has been a vocal critic of cryptocurrencies, calling most in the industry conmen, which got the economist into a war of words with Binance CEO Changpeng Zhao several months ago.



"FTX and SBF are not an exception — they're a rule," the New York University (NYU) professor, who is known as "Dr. Doom" for his dire perspectives on global trends, said on Yahoo Finance Live at the World Economic Forum in Davos, Switzerland, on Wednesday.


"Literally 99% of crypto is a scam. A criminal activity. A total real-bubble Ponzi scheme that is going bust."



Roubini has been a vocal critic of cryptocurrencies, calling most in the industry conmen, which got the economist into a war of words with Binance CEO Changpeng Zhao several months ago.


Reuters reported that Binance had been engaged in laundering $10 billion on behalf of criminal syndicates for at least five years. US authorities are investigating Binance and Changpeng Zhao himself, and fraud charges may be filed soon, David Hollerith also reported.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

FTX filed for bankruptcy late in 2022, while its founder SBF faces charges of wire fraud, securities fraud, and conspiracy, all of which he has pleaded not guilty to. SBF became a crypto billionaire and a mainstream star in the industry by the time he was 29.


A year later, he lost his fortune as trust and money flowed out of the crypto space, sending investors into turmoil.



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