Legendary DeFi developer Andre Cronje sneered at his statement, claiming that crypto culture is about wealth and ego, saying that the crypto industry is “dead.”
Cronje also called for more regulation to protect investors in the sector.
“The Crypto Industry Is Dead”
This call by Cronje comes weeks after he announced his departure from the crypto industry. Cronje made a statement in March. Phantom and at Yearn Finance resigned from their positions. The famous developer was referred to as the “father of DeFi”.
In his blog post on Monday, Cronje talked about his reasons for leaving the crypto industry. The developer also stated that he was disappointed by the current state of the cryptocurrency industry. In addition, the famous name criticized the prevalence of “get-rich-quick schemes” in the cryptocurrency world and said that “crypto is dead”.
Legendary DeFi Developer Demands Tighter Regulation for Crypto Industry
In his blog post, Cronje stated that he still believes in the basic principles of crypto technology such as “holding assets and financial empowerment”, but currently the industry is moving towards wealth, authority and ego.
In addition, Cronje stated that more regulation is needed in the crypto money industry and explained that these regulations should be shaped to protect investors, not to prevent frauds:
“Crypto investors are like children trying to stick their fingers in an electrical outlet, and we must stop them until they learn not to harm themselves. One day they will understand that, but that day is not today.”
Cronje, who currently leads an investment banking platform, said that he does not intend to return to the crypto industry in its current state and likened the crypto industry to a “barren land”. However, the famous DeFi developer said that sooner or later the crypto industry will be reborn and evolve into a blockchain economy built on trust rather than greed.
*Not investment advice.