Ethereum Co-Founder Gavin Woods Issues Warning To Investors Amid Crypto Crash

One of the co-founders of Ethereum, Gavin Wood, has warned investors and asked them to be aware of what or who is backing their holdings.

Wood was at the Davos Annual Meeting 2022 of the World Economic Forum (WEF). Acknowledging the major market crash in May when Bitcoin plummeted below $30,000 and the market lost nearly $800 billion in the past few weeks, Wood warned the crypto community to invest their money carefully, reported Reuters,

"I would hope that people pay more attention to what is belying the currency name when they get involved in a community, ecosystem, economy," Wood was reported as telling Reuters on the sidelines of the WEF Annual Meeting.

There has been a strong presence of crypto and blockchain projects at Davos as they aim to expand their business and develop their network.

British computer scientist Wood came to Davos to talk about the partnership between his own blockchain network called Polkadot (DOT) and American billionaire Frank McCourt's Project Liberty, as per Reuters.

"The internet has no real concept of legality because legality is something that is determined by sovereign nations," Wood said in an interview while talking about Web 3.0 and blockchain regulations.

The founder of the Web 3.0 Foundation revealed that Polkadot's partnership with Liberty is aimed at providing decentralized control of the web.

"The technology cannot prevent people from making mistakes but can help those who want to understand better the facts of the world, what they're buying," Wood added.