The godfather of DeFi Andre Cronje slams crypto culture, calls for regulation

cnbctv18.com:

A month after Andre Cronje went off the grid, the globally acclaimed ‘Godfather of DeFi’ is back with some strong views about cryptocurrencies.Cronje is the founder of Yearn Finance & Keep3rV1. He is also the former Technical Advisor for the Fantom Foundation. Following Cronje’s disappearance into the shadows, Anton Nell, Sr.

Solutions Architect at the Fantom Foundation, tweeted that both of them were pulling the plug on all contributions to decentralised finance (DeFi) projects.“Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around 25 apps and services that we are terminating on 03 April 2022,” his tweet from March 6, 2022 read.Cronje has shut down his Twitter account on a few occasions before this, only to reappear after a brief hiatus. Therefore, many anticipated that we would return to the DeFi space as well.Also Read:What are flash loan attacks — the phenomenon behind the latest $182 million hackAnd he did return, just not in a manner that most expected him to.Cronje made a reputation from building DeFi protocols, including Yearn Finance and Solidly, among many others.

These platforms allowed users to expose themselves to greater risk as they borrowed larger amounts with relative ease. The loans also came with higher yields, thus luring plenty of investors to the protocol. However, his outlook toward the entire crypto industry, it seems, has flipped since then.On April 18, 2022, Cronje published a blog titled ‘The rise and fall of crypto culture’ on Medium.