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Andre Cronje criticizes 3AC Managers in a Crypto Article By CoinEdition

Andre Cronje Criticizes 3AC Managers in Recent Crypto Article
  • Andre Cronje released an article to discuss some of the crypto sphere’s issues.
  • Cronje criticised 3AC managers, the crash and other aspects of the article.
  • He also spoke out in favor of crypto regulation.

DeFi developer Andre Cronje has criticized 3AC managers in his recent article titled “The Crypto Winter of 2022.” In the blog post, he cited the incidents from the crashes and network failures of the 2022 crypto winter.

Cronje shared in his article his views on the Terra Collapse, Celsius and 3AC bankruptcy. His views on the current bearish market are highlighted in the medium article that was published on October 25,

The article describes how market-changing occurrences like Terra’s demise and the insolvency of centralized organizations like Celsius and Three Arrows Capital impacted the cryptocurrency market.

He stated that platforms that offer crypto investment services are basically the same as banks and that they function as stressed. However, there are no regulations or oversight requirements that these institutions must follow, and most customers are experiencing “message asymmetry.”

Terra’s crash was not isolated and was the tipping point to expose the over-leveraged portfolios of several crypto-hedge funds and exchanges. Celsius was one such exchange and was not only exposed to Terra, but was also one of the main actors that sparked the run on Anchor Protocol

The blog also suggests several possible remedies that could be taken from conventional financial institution, including consumer protection and robust regulatory frameworks.

Colin Wu shared highlights from the article and retweeted it. He highlighted the main points of Cronje’s views, which mention the behavior of the executives in these exchanges. Cronje also stated they gambled with other people’s funds without considering the consequences.

Coin Edition: Andre Cronje Criticizes 3AC managers in Crypto Article

See original on CoinEdition

News Source and Credit

Stocksak Editorial

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