Former The OC actor on crusade to take down 'stupid' cryptocurrency

Former "The OC" actor Ben McKenzie has become a vocal critic of the cryptocurrency industry, describing it as "the largest Ponzi scheme in history" and dubbing it "stupid" in a newly released documentary. McKenzie, who gained fame for his role as troubled teen Ryan Atwood, made the remarks during a Senate committee hearing in 2022.

McKenzie's shift from Hollywood to cryptocurrency criticism began during the COVID-19 pandemic, when he was inspired by super-low interest rates and the fear of currency devaluation. He initially entered the crypto space out of boredom and a friend's recommendation, but soon grew disillusioned with the decentralised nature of digital currencies and their volatility.

He became a short seller of cryptocurrencies, making a lucrative bet that their prices would decrease. This profit partially funded his documentary, "Everyone Is Lying To You For Money," which exposes the pitfalls of cryptocurrency investment and its potential for fraud. McKenzie even conducted an interview with Sam Bankman-Fried, the founder of FTX, which collapsed in 2022, leaving investors with a $11 billion shortfall.

McKenzie argues that cryptocurrencies are primarily good for gambling and criminal activities, and that they could worsen existing social inequalities by transferring trust from public to private spheres. He also discusses his own experiences in the industry, including a potential role for his Ryan Atwood character in the Senate's investigation of FTX's collapse.