Home Finance “Dr. Doom” Nouriel Roubini explains that Binance is identical to FTX but...

“Dr. Doom” Nouriel Roubini explains that Binance is identical to FTX but worse and more dangerous, here’s why


Nouriel Roubini is a professor of economics who has worked at New York University’s Stern School of Business, and is president of Roubini Macro Associates LLC. He is nicknamed “Dr. Doom“for accurately predicting the financial crisis that occurred in 2008-2009 when the U.S. mortgage market collapsed.

Here’s why Binance is worse than FTX, Roubini says

Nouriel Roubini explained in his tweet that he thinks Binance is the same thing as FTX, but shadier and much worse. He stated that with FTX, it was at least known that their headquarters were located in the Bahamas.

However, the “more expensive CZ Binance“never revealed the location of Binance’s headquarters. Nouriel Roubini also wrote that he believes BNB is as dubious as FTT and thus, apparently, a potentially dangerous investment. “Dr. Doom” described BNB as “same vaporous swindle” than the FTT, claiming that 87% of the funds are hidden in a single wallet, and wondering who really controls this crypto wealth.

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This was Nouriel Roubini’s response to a tweet from a Concoda-linked account, which stated that Binance uses the same auditor as FTX, claiming that Binance may not have any audits at all.

Nouriel Roubini doesn’t believe in CZ’s recently proposed proof of reserves (PoR) concept, which requires crypto-currency exchanges to make their reserves transparent. The economist believes that this is a new trick to make people believe that their customers’ money is safe in the exchanges’ wallets.

Since these funds are on the exchanges’ balance sheets anyway, he tweeted, if a platform goes bankrupt, customers’ money will definitely be lost – as happened with FTX earlier this month.

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Crypto is “the biggest criminal heist in history.”

In an earlier tweet, Nouriel Roubini criticized the crypto space in general, stating that crypto is a “corrupt game” that has caused over 100 million people worldwide to lose their money.

The 19,700 ICOs, he continued, in which multiple crypto-currencies were launched, were a scam to begin with or went bankrupt, summing it up by calling crypto “largest criminal heist in human history“.

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