Citron's Left says crypto is a 'complete fraud'

N Citron

11/07/2022 19:34

By Carolina Mandl
    NEW YORK, July 11 (Reuters) - Andrew Left, founder of Citron
Research and one of the world’s best known short-sellers, on
Monday described cryptocurrencies as a "fraud." 
    Asked at a conference about fraud in financial markets where
he saw potential fraud, Left told the audience:  "I think crypto
is just complete fraud, over and over and over."
    He did not say whether he had investments in
cryptocurrencies.
    Left built up his brand as one the most prominent
short-sellers, but last year announced his company would stop
publishing research highlighting companies' shortcomings and
shift to writing about companies he thought might be worth
buying.
    The move followed a backlash against Left after he said the
stock of video game retailer GameStop  GME.N  was not worth its
price.
    Reuters reported last December that the U.S. Department of
Justice had launched an expansive criminal investigation into
short selling by hedge funds and research firms, including
Citron, which has denied any wrongdoing.  urn:newsml:reuters.com:*:nL4N2SV31O
    "As the DOJ, you know, hopefully, one day development will
realize that this boogeyman, or short sellers, doesn't exist,"
Left said when asked about the investigations. 
    
    
     

 (Reporting by Carolina Mandl
Editing by Tomasz Janowski)
 ((carolina.mandl@thomsonreuters.com))