The cryptocurrency industry is plagued by fraudulent and unethical practices by some malicious actors. A recent example of this is brought up in a tweet by crypto influencer FatMan where he claimed the Terra Classic community pool is “continually being drained” by dishonest developers such as Tobias Andersen, who allegedly lied about his credentials to get proposals passed. He also mentioned how Andersen reportedly tries to manipulate the system to keep his “large salary coming in.”

Confio, a blockchain solutions firm, reacted swiftly by pronouncing there were no decisions made and that the job was open for applications.

This incident serves to demonstrate the danger of scrupulous practices in the crypto market. Without proper regulations, some people might still engage in unlawful activities resulting in damaging consequences. This is especially true with Terra, given its now well-known controversy that happened in May 2022, in which nearly half a trillion USD disappeared from the market.

Hence, the utmost priority of regulators should be to ensure cryptocurrency transactions remain safe and secure. Such events involving fraud should not be allowed to seep into the markets and hamper its growth. It is only through effective implementation of regulations and legal measures that the perception of cryptocurrency will be able to undergo a positive transformation.



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