Cryptocurrency Is In a New Wild West Phase. Things Are Really, Really Weird

Many of the people behind DeFi projects simply “clone” established coins, said John Wu, president of Ava Labs, a company supporting the Avalanche blockchain. “Those people cloning are not true [developers] who can make improvements and cut out things…that would devalue a project,” he said, meaning they often create vulnerable contracts that scammers can use to steal funds.

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