Father of DeFi protocol criticized for campaigning for decentralized finance regulation

Andre Cronje recently made the point that decentralized finance requires the same prudential standards as regular banks. Instead of getting a wave of support in this case, Andre Cronje caused outrage among many members of the community, who reminded him that he withdrew from all crypto projects in which he was involved.

In March 2022, Cronje announced his retirement as a developer in the crypto industry. Along with him, Anton Nell, senior architect of the Fantom Foundation, also left the sphere. The latter said that before his departure he worked in 25 different projects, in which not only he, but also Andre Cronje took part.

A month after leaving the industry, Andre published his article entitled “The Rise and Fall of Cryptoculture”, in which he described the problems of the position of cryptoassets. In his opinion, developers from the field of decentralized finance, in an attempt to do something better, make the same mistakes in their projects that were made when creating the existing modern monetary system.

André also named two unusual concepts: cryptoethos and cryptoculture. To the first he attributed various ideas related to sovereign rights, as well as the concepts of self-sacrifice and self-perfection. By cryptoculture, he understands the totality of all property rights, as well as the desire of people to get rich and their ego. In his article, Cronje said that crypto culture has stifled the very idea of a crypto industry. According to him, to see the dawn of the blockchain economy can be seen when people are driven not by greed, but by trust, but not by gullibility. Despite his claims, the father of the DeFi protocol has made it clear that he has no intention of returning to the industry.

Such words caused a lot of indignation on the part of representatives of crypto assets lovers. Most rightly accused him of the fact that Cronje made a fortune on cryptocurrencies, left the sphere of this industry, and only then began to advocate for the protection of the rights of investors, on which he made a lot of money:

Now that he has your money, Andre says DeFi needs government intervention. Because you are a child and don't know how to keep your fingers away from the toaster. What he misses is that he is the guy who intentionally made and sold the faulty toasters.

Larry Cermak, vice president of research at The Block, suggested that Andre's words were caused by some pressure exerted on him by regulators:

It remains to be hoped that some regulators are exerting legal mega pressure on the guy, and this is just a psychological operation. Although, I'm not sure.

A trader named Tree of Alpha accused Cronje of creating shieldcoins and untimely attention to the problem of the crypto industry:

The man who made tens of millions. Created many shitcoins and projects thanks to the lack of regulation. Retired from the industry and now advocates for investor protection and regulation. Welcome to the world of clowns.

As has been repeatedly said, all crypto investors should not forget about the risks and always have to think before conducting transactions and while there will be people who mindlessly invest, there will be people who scam crypto enthusiasts.