Jesse Powell, chief executive officer of the world’s fourth-largest crypto exchange Kraken, has criticized decentralized finance (defi) projects, accusing them of being “scams” that enter the market too quickly, unprepared.

In a charged Oct. 26 tweet, Powell said the “scams” should not expect crypto exchanges to bail them out once things go wrong. Preferring to let the defi projects fail in order that they get “enlightened”, he thundered:

I will not accept your attempt at externalizing the cost of your hasty, reckless rollout. Invest in audits, insurance and please DYOR. Taking your losses is the only way to enlightenment.

Powell’s comments come after a series of hacks this year forced several defi protocols to plead for help from crypto exchanges to block the attackers from accessing the stolen money.

According to ICO Analytics, six decentralized finance protocols have been exploited nine times since February, with the attackers plundering a total of $82 million in multiple…

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Source: https://news.bitcoin.com/kraken-ceo-defi-scams-must-take-their-losses-as-way-to-enlightenment/