Founders of cryptocurrency wallet MetaMask compare the crypto industry to casinos

Aaron Davis and Dan Finley, co-founders of crypto wallet developer MetaMask, compared the current cryptocurrency ecosystem to a casino, adding that many projects in the industry are organized on the principle of a pyramid scheme.

Davis said that he was «not surprised at all» by the recent collapse of projects based on a similar investment scheme or P2E model. Finley attributed the bankruptcy of several crypto brokers to the dishonesty of individual market players. He told about this in an interview with VICE.

Finley added that the bankruptcy of crypto broker Voyager Digital and the Celsius landing platform is the result of the actions of bad players who «do not follow the etiquette of transparency.» According to him, such projects positioned themselves as companies in the field of decentralized finance (DeFi), but in fact they were shadow banks with high leverage. And in the absence of transparency, investors did not know what their money was spent on.

The rise in popularity of decentralized wallets has also led to an increase in NFT phishing attacks. Finley said that the company’s ability to protect customers is limited, although it does its best to prevent such incidents. He added that cryptocurrencies have demonstrated the insecurity of modern computer systems.