Following the recent scandal last week involving the co-founder of Wonderland, the DeFi protocol has come to a final conclusion of shutting down.
According to co-founder Daniele Sestagalli, the controversial decentralized finance protocol Wonderland has shut down.
The Wonderland (TIME) token’s price has dropped by 10.43% in the last 24 hours. From its all-time peak, it has now dropped by more than 97 percent.
Last September, Wonderland was released as an Avalanche-based clone of the reserve money system OlympusDAO. The residents of the settlement call themselves “frogs.”
About the scandal
After it was revealed that 0xSifu, the protocol’s pseudonymous co-founder, is Michael Patryn, the convicted felon behind the now-defunct QuadrigaCX cryptocurrency exchange, the relatively minor DeFi project became the talk of the town earlier this week. In the 2000s, he spent 18 months in prison in the United States for his role in the Shadowcrew identity theft organization.
Patryn, whose real name is Omar Patryn, came under fire in 2019 after QuadrigaCX CEO Gerald Cotton died unexpectedly in India, taking hundreds of millions of dollars with him because he was the only one with access to the exchange’s secret keys. However, it was later discovered that the exchange was actually a Ponzi scheme.
Sestagalli later revealed that he was aware of 0xSifu’s true identity but chose to trust him. The community unanimously voted to remove 0xSifu from his position as treasury manager and replace him with another treasury manager.
To shut down Wonderland or not
On Jan. 29, a new vote was launched to determine if the project should be shut down and the treasure returned to the community.
Sestagalli states that the community is visibly divided on his Twitter thread. The decision to cancel Wonderland drew criticism because supporters of the project had a large advantage over the opposing camp.
