Peter Schiff has expressed his opinion about the case against Mark Cuban for allegedly encouraging a cryptocurrency hoax that caused financial losses for people who participated in a <a href="https://www.cryptoknowmics.com/news/cftc-files-charges-against-12-million-bitcoin-ponzi-scheme/" target="_blank" rel="noopener">Ponzi scheme</a>.

Schiff thinks that Cuban's narrative is only the beginning. He believes Mark has been telling people for years that, once the Bitcoin bubble bursts, those who lost money in the cryptocurrency business would attempt to recover some of their losses by suing anyone who advocated certain projects or offered financial advice.

https://twitter.com/PeterSchiff/status/1561435988840308737

The renowned Bitcoin critic further claims that Mark Cuban was aware of the risks associated with investing in Bitcoin; the businessman chose to support specific projects despite knowing they were a "scam." Schiff was shocked that Cuban took advantage of the market opportunity and his brand to cash in on the cryptocurrency mania since he believed that the Shark Tank hero had more than enough money to live a happy life without associating with crypto fraud. The gold supporter concluded that the lawyers were the only people profiting from the entire mess.

Schiff continues to be a harsh critic of <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="nofollow noopener">Bitcoin</a> and does not have faith in the long-term viability of either the asset or the underlying technology. Before Bitcoin tumbled to $21,000, Schiff recently forecasted that the first cryptocurrency would experience a huge decline.
<h2>Scammers Are Losing Influence</h2>
Scams have seen a significant decline in system resulting value, with fraudsters now making only $1.6 billion, or 65% less than they did during the same period in July of last year. The decline in scam profits mostly happens due to these two factors: the market correction for cryptocurrencies and a lack of significant Ponzi schemes.

Peter Schiff: Crypto Scam Lawsuit Against Mark Cuban is Just a Beginning

Peter Schiff has expressed his opinion about the case brought against Mark Cuban for allegedly encouraging a crypto scam that caused financial losses.

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Peter Schiff: Crypto Scam Lawsuit Against Mark Cuban is Just a Beginning

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