Nouriel Roubini Says There Is 'Zero Security' in Cryptocurrency Land

News
Sun, 06/14/2020 - 10:26
Alex Dovbnya
Rampant crime is the main reason why Nouriel Roubini prefers using a credit card over Bitcoin
Cover image via nourielroubini.com
Contents

Notorious Bitcoin hater Nouriel Roubini has just had another cryptocurrency-related meltdown on Twitter, claiming that crypto offers zero security.

Dr. Doom is convinced that ‘billions’ are stolen by crypto scammers and thieves on a daily basis.    

image by @Nouriel

Related
Nouriel Roubini Calls Bitcoin 'Total Scam' as BTC Price Tanks 15 Percent in Minutes

Losing life savings to thieves  

Roubini’s tweet came in response to a viral video posted by entrepreneur and podcast host Eric Savics who has lost all of his life savings due to a phishing attack.      

Savics was unfortunate enough to download a bogus Google Chrome for the KeepKey hardware wallet. Back in May, U.Today reported about a similar scam that was targeting Ledger users. 

He had managed to collect over $113,000 worth of BTC over seven years but lost everything in minutes after entering his seed phrase.   

Savics’s stash is most likely lost forever since Bitcoin payments are irreversible, which is why Roubini chooses to use credit cards.  

Binance CEO Changpeng Zhao offered Savics a helping hand by promising to blacklist the receiving address.      

Are things that bad?

While the cryptocurrency industry is indeed teeming with frauds, Roubini’s claim is, of course, a huge exaggeration.

According to a recent report released by blockchain sleuth CipherTrace, more than $1.4 bln worth of crypto has been lost to bad actors in 2020 (so far).

Nevertheless, it is on track to become the most prolific year for cryptocurrency criminals after 2019 when their total loot reached $4.5 bln.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


Articles by author

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings