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Pam and Russ Martens: Crypto and blockchain have been shams all along
By Pam and Russ Martens
Wall Street on Parade
Friday, June 17, 2022
Crypto pushers hired themselves Trump's outgoing SEC Chairman, Jay Clayton; a boatload of celebrities like Matt Damon, LeBron James, Spike Lee, Tom Brady, and Alec Baldwin, among numerous others; and high-priced lobbyists to sway Congress and state legislatures to back off any regulatory push. Crypto even slapped its name on sports stadiums and arenas -- similar to Enron and Citigroup just before they blew up from specious business models.
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Like any other pump-and-dump scheme, cryptomania worked for a while. Insiders grabbed their windfall profits early and left the unsophisticated with the losses.
Now crypto concerns are hiring themselves the likes of big law firm Akin Gump to explain why investors can't get access to $11 billion in frozen accounts at Celsius Network.
The warnings have been out there for years now from experts in the legal and scientific communities, that when it comes to crypto, there is no "there" there. ...
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