Increasing interest from institutional investors could signal that crypto winter is finally starting to thaw.
That’s according to Jonha Richman, an advisor to the Litecoin Foundation, Tour de Crypto, and the Polybird Exchange. In an interview with Crypto Briefing, Richman added that while the market is far from its previous all-time highs, this is a great time for projects to flex their muscles and get ready for the next bull run.
“At the rate at which the market is currently in, I think there’s still a long way [to go] until the market fully recovers and becomes bullish again,” she said. “This does not necessarily stop or slow down great projects from continuing to build and improve their products and deliver on long-term plans, though.”
As the market continues to reshape and improve itself, now is a time to weed out the bad guys, according to Richman. In 2017 and 2018, the bull market and the rising interest in initial coin offerings (ICOs) saw people throwing money at various projects hoping to get rich quick. Unfortunately, not all of these projects lived up to the hype.
One example is OneCoin, which prosecutors allege to be a pyramid scheme. According to a release from the US Department of Justice on Friday, authorities arrested the platform’s leader Konstantin Ignatov on wire fraud conspiracy. His sister, Ruja Ignatova, was indicted with wire fraud, securities fraud, and money laundering offenses.
The platform, which officials described as a multi-level marketing network, is reported to have generated €3.353 billion in sales revenue and earned “profits” of €2.232 billion between Q4 2014 and Q3 2016.
This is just one example, but it illustrates that when there’s money involved bad players are likely to join the game.
“The market and the whole industry has an interesting way of policing itself,” explained Richman. “As people who [initially] got involved tend to become wiser, projects that don’t necessarily de...