FROM LEBRON JAMES highlight reels trading for nearly a quarter million dollars, to the birth of meme-coin millionaires, crypto’s latest bull run invariably inspired a generation of believers. There was a feeling of defiance that inspired what felt like a perpetual bull run, the pieces of which now provide ample cannon-fodder for the cynics.

The recent correction exposed the gaping regulatory and infrastructural holes that have served as breeding grounds for nefarious activity. Cryptocurrencies, and by extension Web3, are synonymous with scam culture. This is disappointing when considering that recent market turmoil was caused by the very same issues that plague our centralized financial system. In fact, decentralized finance (DeFi) held up pretty well.

At inception, Web3 and its associated technologies were designed to involve community and dismantle the various inequities that exist within the legacy financial system — not exacerbate the problems. In reality, a number of contributing factors have detracted from this endeavor. Although there’s plenty of administrative work to be done for the budding asset class, a lot of damage has been done by individuals of influence, primarily athletes.