The cryptocurrency market is facing an assault by not only outsiders but also insiders.
Just recently, Dogecoin's co-founder Jackson Palmer unloaded on the day-to-day happenings of the crypto market by claiming it to be dominated by the wealthy individuals who move the indices as per their convenience and simply get away with it due to it being deregulated.
He says the rampant fraud and internal trading occurred for a decade and 'regular financial experts' latched on to Palmer's statements by labelling the crypto market as a fraudulent financial establishment that needs to be banned.
The old school financial experts also warned new investors, especially millennials to invest their money in traditional options such as the stock market among others and not fall prey to scams plaguing the crypto market and lose their money.
The harsh treatment meted out to the crypto market has not gone down well with crypto enthusiasts and the founder of PAC Protocol's, David Gokhshtein took to Twitter defending the crypto market from naysayers.
David also advised people to do their own research before investing their hard-earned money on coins and urged investors not to believe everything they read on social media.
''I think it's wrong for 21 young olds kids to be allow to buy 22 bottles of liquor â and then proceed to get into the driver seat of a car or end up in a hospital due to alcohol poisoning. now tell me how #crypto is dangerous again?,'' he tweeted.
Also, Gokhshtein conducted a poll recently on his Twitter handle asking people if they indeed believe Palmer is saying the truth about the happenings in the crypto market.
''@ummjackson the creator of @dogecoin making negative statements about #cryptocurrency,'' he tweeted on his Gokhshtein Media handle and majority of responders called it ''salty'' while 24.8% responders said Palmer might be right.
However, even Hex Coin founder Richard Heart came down heavily on Jackson Palmer and called him mentally ill for bad mouthing the crypto market. Palmer has chose to remain mum despite receiving criticism from all corners.