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Max Keiser’s “Shitcoin” Remarks Ignite Controversy: Get the Full Story
- Keiser calls for arrest of altcoin founders, alleging creation of tokens by financial terrorists.
- While the media often reports about crypto related terror funding, there is no concrete evidence to support this claim.
- The crypto community reacted strongly, with responses ranging from annoyance to bemusement.
Bitcoin super-maxi Max Keiser is renowned for his eccentric views and controversial statements. Keiser has frequently labelled anything that is not Bitcoin a “Shitcoin.” In a recent tweet, he goes a step further, directly linking altcoins to terror funding and more.
Bitcoin Maxi Calls for Arrests
Over the weekend, Keiser tweeted that ETH, XRP, BNB, ADA, and in his words, thousands more “are created by financial terrorists and are undoubtedly used to fund terrorism.”
He then demanded the arrest of prominent industry figures such as Ripple CEO Brad Garlinghouse, Cardano founder Charles Hoskinson and Ethereum co-founder Vitalik Buterin.
The verbal rant comes after the U.S. Treasury’s announcement of sanctions against Hamas members aiming to curb terror financing.
Crypto Funding for Terror?
While Keiser trashed all altcoins, he exempt Bitcoin (BTC). In a clear lack of objectivity on the topic, he stated that Bitcoin is “literally God’s money,” without explaining how this designation would deter its use for illicit purposes.
Contrary to popular belief, cryptocurrency is not a predominant tool for terrorists.
On October 10, the Wall Street Journal reported that Hamas militants involved in an attack on Israel raised US $130 million (AU $205 million) through cryptocurrency. However, these claims lack substantial evidence, with sources like the crypto compliance platform Elliptic likely being misinterpreted.
Chainalysis later corrected the WSJ claims, emphasising that while some terrorist groups might utilise cryptocurrency, it represents only a tiny fraction of the limited illicit crypto transactions. While terrorists predominantly rely on traditional fiat methods for financing, all funding methods, including crypto, should be investigated. Blockchain’s transparency makes cryptocurrency traceable, making it less ideal for illegal activities.
Crypto Community Reacts
A glance at the responses to Keiser’s tweet reveals that an overwhelming majority strongly disagree with his views. They’ve branded him a scammer, a cultist, and one user commented, “DIY: How to embarrass yourself in one tweet.”
Australian lawyer Bill Morgan simply stated, “Max is having another Altcoin episode.”
When asked about potential legal ramifications of Keiser’s comments, Morgan opined that they were so radically irrational that they’re unlikely to tarnish the reputation of those mentioned, adding “No one could believe his ramblings.”
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
