The entire cryptocurrency business structure is designed to extract fees from unsuspecting investors, Jim Chanos, president of Knicks Mutual Fund, the world's largest short-short fund company, said in an interview.

Jim Chanos said, "The use case of cryptocurrency has been changing over the past few years. At first it said it would be an alternative currency. Next it said it was used to store value. Then it said it was an inflation hedge. Ultimately, it was just A speculative asset, a speculative asset class, with a very massive cost structure. So to the crypto community, my thoughts are how do you squeeze the most out of unsuspecting investors? That's my point of view. I Still holding on."

Jim Chanos added that over the past few days, the cryptocurrency community has been discussing and asking where the regulators are. That's really the biggest irony, because the ethos of crypto is about really getting out of the regulatory environment and being a self-contained system. Now it's begging for the same thing again.