Crypto Founders Say It's Not Their Fault They're Enabling Ponzi Schemes

According to a new interview, the co- founders of MetaMask are aware that the technology is tied up in fraud.

These operations are operating within a huge legal gray area with regulators in the US.

Davis said that putting your money in cryptocurrencies is gambling. I am not saying what the future of finance will be, but you should move your life savings over." A lot of people are in favor of that.

Consumers are able to access their wallet online with the help of MetaMask. The developer of some of the most popular tools in the space owns the brand.

It's connections to the NFT space are clear. Since MetaMask's launch back in 2016 there have been a lot of NFT projects that have sprung up with the help of the ether block.

OpenSea, one of the largest NFT marketplaces, admitted in January that 80% of the NFTs they sell are fraudulent.

According to Davis, he wasn't surprised by the rise of scam based on the technology.

"There are so many different types of failures that are happening all the time," he said.

The two didn't have much of an answer when it came to doing anything about the scam.

"We can't stop people from making Ponzis on the internet," he said. It is not possible for us to wrap the whole thing into one unified bow and enforce it in a specific direction.

The pair think it's too late to protect buyers from exploitative schemes in the NFT market.

They argued that their hands are not free. The only thing they can do is make sure bad actors don't get a lot of attention, even though they have their own tools.

"We can't ban the Ponzis, but we can deprive them of the precious oxygen of exposure, so it's up to the users to not fall victims to scam," he said.

Without government intervention, these schemes are likely to continue in the future.

The creators of MetaMask aren't against regulation. From my perspective, they're really, really failing at that, and that's why my company would love to beat them to self-regulation.

It's not the kind of reasoning you'd expect from those in charge as the walls are starting to fall.

The co-founders of MetaMask said that they can't stop people from making Ponzis.

The person who sold NFTs to children was the one who exploded his friend.