Roubini says the cryptocurrency ecosystem is completely corrupt

Economist Nouriel Roubini, known as ‘Dr. Doom’ – prophet of doom, or ‘Dr. Apocalypse’ – for predicting the housing crash of 2007 and the resulting financial crisis in 2008, he has a once again warned of the dangers of the cryptocurrency market, this time following the crash of the FTX platform.

“The ecosystem [das cripto] is completely corrupt,” Roubini said at an event hosted by CNBC in Abu Dhabi, United Arab Emirates.

The economics professor at New York University’s Stern School of Business has summarized the world of cryptography into seven “thes”: hidden (opaque), corrupt (corrupt), scammers (thugs), criminals (criminals) , scammers (quacks), carnival barkers (circus performers) and Changpeng Zhao (CEO of Binance, known as CZ).

Nouriel Roubini – who earned the epitome of the worst economic and financial crisis since the Great Depression after warning in 2005 that the speculative “boom” in the US housing market could lead to an economic crisis – said in his intervention that the lesson to be learned from the collapse of FTX is that “everyone should stay out of crypto”.

The Economist was also highly critical of CZ, likening it to other peers in the crypto industry, noting that Binance is not licensed to operate in the UK – and that in the US – United, an investigation is underway by the US Treasury Department. to a suspicion of money laundering.

Roubini also expressed annoyance that CZ was attending the same event in Abu Dhabi, after warning regulators in the United Arab Emirates – where Changpeng Zhao is domiciled – about his activities. “It’s a walking time bomb”, he reinforced, speaking of the executive chairman of Binance (which is the largest crypto trading platform).

CZ was quick to respond. “He’s rude,” he said of Roubini. “Negative energy is useless and these types of people are poor in life,” he added. Regarding Roubini’s accusations against the entire crypto ecosystem, the CEO of Binance said that “we don’t care”.

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