Metamask Founders Call The Crypto Space Prone To Ponzi Schemes

Metamask founders call the crypto space prone to Ponzi schemes and also say their goal is to make it safer for the next round of experimentation so let’s read more today in our latest crypto news.

Metamask founders voiced their criticism against the rampant scams as well as the gambling nature of projects in the crypto ecosystems and in terms of addressing the security issues which expose users to cyberattacks, co-founder Dan Finalay said there’s a certain extent to which the company can go and protect the users from exploits.

When the co-founder Aaron Davis launched the Metamask wallet for the Ethereum blockchain, he didn’t picture that the layer one network will be mostly financial. He expected the protocol to be used more than solving real-life issues like the ones resolved by national governments and the idea of a collective organization can be pushed further and can spur a state of self-regulation beyond the community. Unlike most industry leaders shedding a positive light on digital assets, the Metamask founders were cautious and realistic about the entire ecosystem.

Not surprised about the crypto winter that ran across various fields in the space, the pair noted that it showed the ecosystem is an unsafe casino where people gamble with almost no knowledge of the risks and both blame the bad actors that don’t act in line with the crypto ethos of transparency. As a primary facilitator of the rise of DEFI and NFT in the past few years, Metamask enabled users to have a custody battle over digital assets and the rising popularity of the wallets led to a soaring case of phishing hacks and caused a huge sum of money to be stolen.

Though dedicating all of their time to solving such critical issues for the clients, Finlay said there’s a limit to how much the company can do to protect clients’ interests. He attributed such a reality to the fact that crypto revealed how unsafe everything in the modern system can be:

“We kind of uncovered the nasty truth that our computer systems are basically not very safe, and the average person, if directly targeted, can be exploited. And we’re kind of starting to reverse engineer a secure computing stack”

Regarding the overwhelming number of ponzi projects that registered their tokens via MetaMask, Finlay admitted that his company can’t impose a ban on these projects and all they can do is to deprive them of the “oxygen of exposure.”