The former Fantom developer came out of his self-imposed exile this week, saying that crypto without regulation is “like a child trying to stick their finger Into a electric outlet. You tell them no. “One day they will understand, but not today”.
Speaking via a blog post, titled “The Rise and Fall of Crypto Culture,” the now-enlightened crypto founder Andre Cronje called for regulation in the crypto and hinted at his continued involvement in the space.
Cronje said that “a lot” of crypto is built by people who read a wikipedia page about how monetary policy works and thinks “we can do it better”, and that “crypto culture has been strangled by crypto ethos.”
In March, the famed DeFi architect stepped away from Fantom, along with former Fantom Foundation senior solutions architect Anton Nell, without giving a reason for the exit.
“There is an irony in having come full circle, yet I find myself more excited than ever. I won’t step foot into the badlands again, but I’m vastly excited about this new future,” he said in the blog post.
As expected, Cronje’s post has met with criticism among his once-faithful fans.
“Andre Cronje’s blog is insufferable. ‘Crypto is dead. Long live crypto’ and then calls for regulation? You don’t hate on the people who believed in you and made you a billionaire just cause ~10% of them would ask wen moon’ AC The Collector said on Twitter.
“Andre Cronje with the gigagrift walking away with over *1 billion dollars* generated from crypto and then exits the space, rails against “get rich quick mentalities” and advocates for strict regulations and then founds an investment banking company. Incredible.” OxCana said, adding that Cronje’s stance represents “a large scale example of the growing revolving doorway between defi/tradfi/regulators.”