Major Warning Issued by Top Dogecoin Contributor: Details

Top Dogecoin contributor, known to the crypto community under he alias Mishaboar on the X social media network, has addressed the DOGE army with a major warning about crypto and one of ways in which it is being used unsafely for the community.

Mishaboar warned crypto retail crypto users, saying they should stay away from “lending products in crypto.” And it does not matter for him “who or what is implementing” this kind of service.

Warning to stay away from crypto lending products

Mishaboar explained his warning by stating that he does not believe the crypto industry is ripe enough to make crypto lending “reasonably safe for most users.” Besides, he strongly doubts that it will ever be safe at all.

Crypto lending, the Dogecoin contributor believes, is run mostly by “immoral peddlers” (where, he believes, many exchange CEOs can be easily included). Mishaboar accuses crypto platforms of “promising to custody user funds” (both centralized and decentralized exchanges) and failing to do that “partially or catastrophically.”

Mishaboar shared his take that “a lot more work and a spectacular injection of honesty” is necessary to bring any radical changes, after which “your grandpa can safely play with crypto.” And he does not believe it is likely to happen any time soon.

You Might Also Like

Mishaboar spotlights issue of DOGE X account suspension

At the end of May, Mishaboar drew the crypto community’s attention to the fact that X accounts of the Dogecoin community often got suspended. He tweeted, demanding “an admission of responsibility from whoever is pushing for these suspensions of accounts in the Dogecoin community.”

Showing his immense concern, Mishaboar pointed out that Dogecoin-themed accounts had been getting suspended “too rapidly compared to X’s usual handling of these problems.” He spoke from personal experience as Mishaboar had himself reported scammers’ accounts many times and, he stated, “it took so long (and the help of large accounts) to take them down,” whereas it was the other way round when it came to DOGE accounts on X.

He believes that the only likely reason for this is “somebody is reporting them or somebody at X is tasked with taking them down.”

As reported by U.Today, in May, Dogecoin account @BackToTheDoge raised the same issue, directly asking Elon Musk on X about DOGE accounts getting suspended en masse. No public reaction followed.