Cover image via U.Today

Mishaboar, a prominent Dogecoin contributor known within the crypto community via his X (formerly Twitter) handle, has issued a significant warning to the DOGE army regarding the inherent risks associated with certain aspects of the cryptocurrency landscape.

Specifically, Mishaboar advises retail crypto users to exercise extreme caution and steer clear of “lending products in crypto,” regardless of the provider or platform offering such services.

Warning Against Crypto Lending Products

Mishaboar justifies his cautionary stance by expressing skepticism about the current state of the crypto industry's maturity, arguing that it is not yet adequately developed to ensure the reasonable safety of crypto lending for the majority of users. Furthermore, he harbors strong doubts about whether such safety will ever be fully achievable.

The Dogecoin contributor believes that the crypto lending sector is often dominated by “immoral peddlers,” a category he suggests could encompass many exchange CEOs. Mishaboar criticizes crypto platforms, both centralized and decentralized, for frequently failing to uphold their promises of secure custody of user funds, resulting in either partial or complete losses for investors.

Mishaboar emphasizes the need for substantial improvements and a significant increase in honesty within the industry before it can be considered safe for widespread adoption. He suggests that only after these fundamental changes are implemented will it be feasible for the average person to engage with cryptocurrency safely. However, he remains pessimistic about the likelihood of these changes occurring in the near future.

Mishaboar Highlights Suspensions of DOGE X Accounts

Earlier, in May, Mishaboar brought attention to the frequent suspensions of Dogecoin community accounts on X. He publicly demanded accountability from those responsible for these suspensions, emphasizing the need for transparency and ownership of these actions.

Expressing deep concern, Mishaboar noted that Dogecoin-related accounts were being suspended at an unusually high rate compared to X's typical handling of such issues. He cited his personal experience of reporting scam accounts, which often required considerable time and assistance from larger accounts to be removed. In contrast, DOGE accounts on X appeared to be targeted with disproportionate speed and efficiency.

He posits that the most plausible explanation for this discrepancy is either targeted reporting or specific instructions within X to remove these accounts.

As previously reported by U.Today, the Dogecoin account @BackToTheDoge also raised similar concerns in May, directly questioning Elon Musk on X about the widespread suspensions of DOGE accounts. However, no public response was issued.