NEM President: Price Manipulation Is Unavoidable
Lon Wong, President of NEM.io Foundation, told CNBC that price manipulation in the cryptocurrency space is unavoidable, but will disappear once the market has matured.
“Regulators today are in a learning curve and many of them, I would say, have insufficient knowledge and experience to actually look at how to regulate cryptocurrencies, particularly in exchanges. At the end of the day we should see both sides of the divide, the exchanges and the regulators, coming together worldwide and coming to a conclusion about how to get to the next step,” Wong said.
He also added that, “as far as manipulation is concerned and as far as what we are concerned (about) as NEM, we are more interested in the promotion of our technology than the prices.” NEM.io Foundation promotes the use of the NEM blockchain technology platform.
This is in relation of growing worries about market manipulation by the crypto exchange Bitfinex after the story of the cryptocurrency Tether and Bitfinex subpoenas came out.
Last month’s Coincheck hack had seen 526 million XEM stolen, the cryptocurrency of the NEM Foundation. Mr. Wong told Cryptonews.com that this theft had nothing to do with them, and that their technology is perfectly intact. On the other hand, Coincheck is now looking at a lawsuit. The regulations Wong refers to may be in everybody’s best interest.