Michael Burry: Crypto Controls Are Pointless

Famous investor Michael Burry criticized the audit reports released by cryptocurrency exchanges. Burry shared the news that Mazars has stopped working with Binance and Crypto.com on his Twitter account and used the following statements:

“When I started using a new credit default swap (CDS) in 2005, our auditors were learning it on the job. That’s not a good thing. The same is true for FTX, Binance, etc. now. Auditing is essentially pointless.”

As it is known, Burry stated that the real estate sector would grow a lot in the early 2000s, but experts said that such a situation was not possible. At that time, in the USA, which was experiencing a recession as well as low interest rates, the development of the real estate sector was regarded as “impossible”. However, after a while, what Burry said happened and there was a serious swelling in the real estate sector. Burry later made a billion-dollar fortune by predicting that this bubble would burst in 2008.

Known for his critical stance on cryptocurrencies, Burry previously described cryptocurrencies as the “mother of all scams”. In October, he commented, “It’s pointless to buy a Shiba Inu.” On the other hand, the world’s leading audit companies are ending their cooperation with crypto money companies one by one. Recently, Mazars and Armanino stopped working with crypto companies. BDO may be added to these very soon. The famous audit firm, which serves companies such as Tether, Revolut and Blockchain.com, announced yesterday that it will review these collaborations.