Andre Cronje, former Fantom Foundation technical advisor and founder of Yearn.finance, resurfaced via Medium on Monday after announcing his departure from the DeFi and crypto space last month. In a post titled “The Rise and Fall of Crypto Culture,” Cronje voiced his grievances about crypto culture as he called for more regulation and legislation in the industry.
With Cronje and his colleague Anton Nell tweeted about the fate of all the applications and services they had developed, they gave no further details of their personal motives. They even deactivated their Twitter accounts on March 6th. Now readers of Cronje’s words can surmise that these two partners were going through some sort of ethical crisis. The opening and closing choruses “Crypto is dead. Long live Crypto” illustrates his emotional ambivalence when it comes to the future of crypto.
Related: The Fantom Foundation issues a clarification statement on the departure of Andre Cronje and Anton Nell
The top highlight in the post is the sentence: “Crypto culture has strangled crypto ethos.” According to Cronje, he has a “disdain” for crypto culture but a “love” for the crypto ethos. He explained that the culture which prioritizes “wealth, entitlement, enrichment and ego” has suppressed the principles of “autonomous rights, self-custody and self-empowerment”. He also warned that if the culture continues on its current path, it will become the “wasteland,” a place where “unknown wallets lurk in the shadows.”
His proposed solution for this “new age” of the blockchain economy is regulation. Cronje uses the analogy of a parent trying to protect his or her child and believes that laws are the best way to keep the crypto community from sticking their fingers in an outlet. “One day they will understand, but not today,” he said.
Cronje ended his contribution on a more upbeat note, expressing his excitement for a future “driven by trust, not lack of trust” or greed. He mentioned that he had “come full circle,” which likely indicates his return to space. According to Cronje’s LinkedIn profile, he currently runs SegWit Holdings, an investment banking platform.
However, reactions to Cronje on Twitter have not been very supportive. users like”@IAMLLUCIANA‘ and ‘0xCana’ point to the irony in Cronje’s actions as someone who made his fortune in cryptocurrency and has allegedly turned his back on it.
Andre Cronje with the Gigagrift walks away with over *$1B* generated from crypto and then leaves the room, railing against “get-rich-quick mentalities” and championing strict regulations, and then founding an investment banking company
— 0xKana (@0xKana) April 18, 2022
https://cointelegraph.com/news/andre-cronje-sees-a-necessity-for-regulation-ahead-of-crypto-s-new-era Andre Cronje sees a “need for regulation” ahead of the new crypto era.