Big Short Fame’s Michael Burry Says Crypto Audits Make No Sense

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Alex Dovbnya

Prominent Investor Michael Burry Has Poured Cold Water On Audits Conducted By Major Crypto Firms

Prominent investor Michael Burry criticized audits conducted by various cryptocurrencies in a recent tweet.

Burry says audits started learning on the job in the mid-2000s when he started using a new line of credit.

The famed hedge fund investor and manager is best known for predicting and profiting from the subprime mortgage crisis of 20072008 by betting against the housing market, which was detailed in Michael Lewis’ book The Big Short. A 2015 biographical drama film titled The Big Short tells the story of Burry’s role in the 2008 financial crisis. The film stars Christian Bale as Burry and also features Steve Carell, Ryan Gosling, Melissa Leo and d other movie stars.

Michael Burry has publicly criticized cryptocurrencies, describing them as “the mother of all scams”. He said he thinks Bitcoin and most other cryptocurrencies are grossly overvalued.

Last October, he took aim at the Shiba Inu (SHIB) meme patch, describing it as unnecessary.

As reported by U.Today, Binances auditor Mazars has announced that it will no longer cooperate with cryptocurrency clients. The accounting firm previously provided proof of reserve reports for major exchanges such as Binance to help allay customer concerns that exchanges have enough assets to cover customer deposits.

According to the Financial Times, the report saw billions of dollars outflow due to the controversy surrounding Mazars.

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