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Peter Schiff: Mark Cuban's Crypto Scam Lawsuit Just Beginning

Mon, 08/22/2022 - 08:08
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Arman Shirinyan
Famous Bitcoin critic believes Mark Cuban will not be last one
Peter Schiff: Mark Cuban's Crypto Scam Lawsuit Just Beginning
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Peter Schiff has shared his view on the lawsuit against Mark Cuban, who allegedly promoted a cryptocurrency scam that led to financial losses among those who invested in a Ponzi scheme.

Schiff believes that Cuban's story is just the beginning, and he has been warning people for years that when the Bitcoin bubble pops, all people who lost money in the cryptocurrency industry will try to make some of it back by suing people who promoted certain projects or gave investment advice.

The famous Bitcoin critic also believes Cuban knew how dangerous investments in Bitcoin can be, and the businessman knew it was a "scam" but still decided to promote certain projects.

Schiff was surprised that Cuban used the market opportunity and his name to profit from the crypto mania as he thought that the Shark Tank star has more than enough money to live happily without tying his name up with cryptocurrency scams.

Bitcoin Critic Peter Schiff Says He Predicted Current Bitcoin Fall, Here’s How

In the end, the gold supporter added that only people winning from this whole situation is lawyers. Schiff remains a heavy Bitcoin critic and does not believe in the long-term future of the asset or the technology behind it.

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

Scammers are losing their power

According to the most recent cryptocurrency industry report by Chainalysis, the cumulative monthly value received by scams has notably decreased, with the revenue of scammers plunging to $1.6 billion, which is 65% less than the same period back in July of last year.

The correction of the cryptocurrency market and a lack of large Ponzi schemes are two main reasons behind the decreasing scam revenue.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.