Citron Research Remains Bearish on Ethereum (ETH). Here’s Why

Citron Research has tweeted that it remains bearish on Ethereum (ETH), the second-largest cryptocurrency. 

It believes that the $130 billion token has as many “common sense flaws” as failed exchange FTX. 

Speaking of the ongoing cryptocurrency crisis, Citron says that it has reignited its flame for short-selling. It believes that there are many stocks that are elevated on the misconception that "someone else did the homework."

The notorious research firm doesn’t seem to have much sympathy for the victims of the FTX fiasco. “As for the victims, or account holders, you wanted decentralized, you got decentralized. What did you think when you send your money to the Bahamas?” it tweeted. 

As reported by U.Today, Citron Research founder Andrew Left, who’s known as one of the most famous short-sellers in the world, slammed cryptocurrencies as “complete fraud.” 

In 2017, Left took aim at Grayscale’s Bitcoin Trust, criticizing its “ridiculous” valuation. 

However, Citron Research warmed up to Bitcoin, arguing that it could perform as a perfect inflation hedge. 

Citron Research became a major name in 2015 after making a successful bet against Valeant Pharmaceuticals. It found out that the world-famous drug company was inflating its revenue with the help of specialty pharmacies.

Last year, Citron also started making headlines after becoming part of the GameStop saga.