Kraken CEO Jesse Powell Issues Tough Critique of ‘Reckless’ DeFi Launches

Kraken CEO Jesse Powell Issues Tough Critique of ‘Reckless’ DeFi Launches
Kraken CEO Jesse Powell
(CoinDesk archives)

Jesse Powell, chief executive of the U.S.-based cryptocurrency exchange Kraken, has lashed out at the decentralized finance (DeFi) sector in the aftermath of Monday’s of Harvest Finance.

In a on Tuesday, Powell said he would “not accept” DeFi projects’ attempts at “externalizing the cost” of “hasty reckless” rollouts.

“Stop f**king up your bulls**t DeFi scams and expecting exchanges to bail you out,” Powell said. “Invest in audits, insurance and please [do your own research].”

The comments come after several DeFi projects suffered some form of an exploit or major management failure, while some have opened to investors with faulty or negligible audits of their code.

At the end of September, gaming protocol Eminence Finance that saw $15 million worth of drained while still in testing.

The same month, DeFi project SushiSwap suffered a major blow when its pseudonymous creator “Chef Nomi” , prompting a 73% crash in its SUSHI token. Chef Nomi did eventually worth of (ETH) and apologized to affected investors.

Still, the incident highlighted the danger of placing trust, and money, in projects run by unknown individuals.

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