Cryptocurrency is 'biggest Ponzi scheme in human history', Chinese execs from state-backed blockchain drive say | South China Morning Post

Executives at China's Blockchain-based Service Network (BSN) , a state-backed initiative aimed at driving the commercial adoption of blockchain technology, likened cryptocurrencies and popular Web3 business models to investment frauds, after a recent market rout inflicted heavy losses on global investors. BSN's Shan Zhiguang and He Yifan called cryptocurrencies "the biggest Ponzi scheme in human history", propped up by communities that are "trying every means to keep the fraud going", in an article published in state media People's Daily on Sunday. Critics of cryptocurrencies have long compared such digital assets with Ponzi schemes, where scammers use money from new investors…