Avalanche-based DeFi protocol Wonderland‘s founder Michael Patryn from a recent allegation was the co-founder of the now defunct Canadian exchange QuadrigaCX.
Decentralized finance (DeFi) investigator zachxbt revealed the genuine identify of formerly anonymous QuadrigaCX co-founder Michael Patryn in a series of tweets released Jan. 27, doxxing him as @0xSifu, the founder of DeFi protocol Wonderland.
About the allegation
Following the release of private messages between zachxbt and Daniele Sesta, the founder of Wonderland and Abracadabra, Sesta tweeted his thoughts on the matter, saying, “I have no bias about @0xSifu he has become a friend and part of my family and if my reputation of judgment will be harmed by his dox, than be it.”
Sesta said in a recent Mirror.xyz blog that he only learned of Sifu’s background one month ago, but decided to keep his job as treasury manager based on the philosophy of second chances. Following widespread public criticism in reaction to his tweets this morning, Sesta paused to consider the matter and came to the following conclusion:
“I have decided that he needs to step down till a vote for his confirmation is in place. Wonderland has the say to who manages its treasury not me or the rest of the wonderland team.”
On Jan. 9, Sesta stated his support for initiatives in which the founders and teams reveal their personal identities, claiming that they are more likely to succeed “Tokens from doxxed teams will outperform those from anonymous teams. Keep your eyes peeled.”
This is a prevalent topic in the DeFi and NFT area, and it helps to promote the brand’s progression from a simply web-dimensional entity to a global physical and digitally interactive community.
About Wonderland
Wonderland, a fork of the Olympus DAO that launched on the Avalanche network in September 2020. The group refers to itself as “frogs,” but the decentralized reserve currency technology has yet to make significant progress in the market.
According to current website data, the protocol has $360 million in total value locked (TVL), but TIME, the protocol’s native asset, is down over 97.5 percent from all-time highs just two months ago, and down 30% today to $355.
In a frantic attempt to stop the price bloodbath, the founders interfered with a quantitative-easing approach of infusing millions of dollars into the projects in the past week.
More info on QuadrigaCX
Following the sudden death of Gerald Cotten, the co-founder of the Canadian-based cryptocurrency exchange, in December 2018, the QuadrigaCX crisis began.
In the days after, reports surfaced that over $145 million in customer cash had been missing, with the team alleging an inability to discover the encrypted passwords to the cold storage wallets as the reason.
In the years thereafter, a legal battle has erupted between the exchange and the estimated 20,000 claimants, with trustee company Ernst & Young stating in late 2020 that they only have about $29.8 million in assets to distribute compared to the $171 million in claims.
The incident piqued Netflix’s curiosity, and the company recently announced that a documentary film dramatizing the mystery surrounding Cotten’s death and the accompanying financial ramifications is in the works.
The film, titled Trust No One: The Hunt for the Crypto King, is planned to debut in 2022 and will show QuadrigaCX’s apparent malice in arranging a rug-pull, according to numerous firsthand accounts from the community base.
