Dogecoin co-founder Billy Markus recently voiced his strong criticism of the cryptocurrency industry, referring to it as a “rigged casino” filled with unintelligent individuals. Markus expressed his disillusionment with the industry and highlighted the manipulation and exploitation that occurs within it.
Markus’s remarks were made in response to a post by Nate Alex, a well-known NFT collector and creator, who also criticized the current state of the crypto market. Alex likened it to a rigged casino, suggesting that the main objective is to attract unsuspecting retail investors while insiders offload fraudulent cryptocurrencies.
Markus’s criticism sheds light on the prevalence of manipulation and exploitation in the crypto industry. This issue has become more apparent with the rise in popularity of “meme coins” like Pepe (PEPE) and BONK, which have little utility. Many of these new meme coins have been used in multiple scams targeting retail investors, including rug pulls.
In a recent report, Crypto News revealed that scammers have been targeting crypto influencers’ social media accounts to promote meme coins. Even popular celebrities like rapper Rich the Kid and media personality Caitlyn Jenner fell victim to this hack. Rich the Kid’s account promoted a token called $RICH, which quickly reached a market cap of $90,000 within the first two minutes of its launch. However, its value has since dropped by 87%. Similarly, Caitlyn Jenner’s account promoted a meme coin named $JENNER, which saw its market capitalization surge to $22 million based on aggregated data. Both celebrities claim that their accounts were hacked by a collaborator of the memecoin, Arora, in a pump-and-dump scheme. These examples serve as stark reminders of the manipulation and exploitation concerns within the crypto market, aligning with Markus’s criticism.
Markus’s outspoken approach to the crypto market is not new. He has gained a reputation for openly expressing his thoughts on various events and developments in the industry. On May 16, Markus expressed skepticism about the approval of a spot Ethereum ETF, arguing that the US Securities and Exchange Commission (SEC) is biased and that its decision would not significantly impact Ethereum or the cryptocurrency market as a whole. His perspective reflects the broader concerns within the crypto community regarding regulatory challenges.
However, on May 23, the SEC surprised many by approving spot Ether ETFs. While the potential ETF issuers have received approval for their 19b-4 forms, they still need their S-1 registration statements to become effective before trading can begin.
Overall, Markus’s criticism highlights the need for greater transparency and regulation in the crypto market. His outspoken approach resonates with many crypto enthusiasts who share similar concerns about the industry’s integrity and fairness.
