最新报道：According to the news from the Coin World Network, this week, the cryptocurrency market reached a historic milestone, with its total market value approaching $4 trillion. This is thanks to a round of gains that has seen many digital assets hit all-time highs. Bitcoin, Ethereum and several altcoins led the gains, boosted by investor enthusiasm and institutional adoption. Amid this bull wave, a well-known cryptocurrency market observer and writer has made a sharp criticism of the cryptocurrency industry. He raised concerns about the integrity and long-term viability of the industry. Expert criticism of cryptocurrency: Industry integrity and long-term viability are at risk In a detailed article published on X (formerly Twitter), Omid Malekan, an adjunct professor at Columbia Business School, publicly criticized the cryptocurrency industry and raised several concerns. His arguments mainly revolve around three core points. First, he believes that many cryptocurrency projects are driven by the team's profit motives rather than working on decentralized solutions and innovation. Malekan highlighted a worrying trend that projects, especially those that raise large amounts of money, tend to forget their original vision. He explained that raising huge amounts of money can ultimately be a distraction. This will shift the focus away from decentralization, which is the core value in the cryptocurrency ecosystem. Furthermore, Malekan points out the problem of conflicts of interest, especially when projects raise funds through both tokens and equity. He argues that this dual approach to funding often leads to decisions that favor insiders over the broader community. This, in turn, undermines trust and the long-term potential of the project. Secondly, Malekan highlights the problem of widespread market manipulation. He cites practices such as pump-and-dump schemes, inflated total value locked (TVL) metrics, and problematic staking mechanisms. He argues that these strategies artificially inflate project valuations and mislead investors about the health and adoption of certain platforms. Thirdly, the author is skeptical of the growing number of new Layer 1 (L1) blockchains and Layer 2 (L2) solutions that have emerged in the market. He argues that launching new L1 blockchains is generally unnecessary. He argues that any technological innovation can be integrated into an existing chain or developed as an L2 solution. He also criticizes the rise of permissioned blockchains. Malekan considers them a kind of “theater of innovation.” He emphasizes that they hinder the adoption of public blockchains. Meanwhile, Malekan has a particularly sharp critique of the decentralized finance (DeFi) protocol Ondo Finance. He called its operations "questionable." The professor's comments sparked a discussion in the cryptocurrency community. Notably, several industry leaders expressed agreement with his views. As such, as the cryptocurrency market celebrates its latest milestone, Malekan's warning serves as a sobering reminder of the challenges it faces. With investor confidence high, the question remains whether cryptocurrency stakeholders can address these criticisms and deliver on their promise of a decentralized, transparent financial future.