Wonderland / Tether USD

TIMEUSDT POLONIEX
TIMEUSDT
Wonderland / Tether USD POLONIEX
 
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Important events

Jan 282022

Felon down the rabbit hole

Prices of DeFi project Wonderland take some Drink Me potion and get awfully small after a Twitter thread thrusts the protocol into controversy.

  • Its native TIME token is down by over 65% on Friday morning after its Treasury Head Sifu (as he's known now) was ousted as a convicted felon who spent 18 months in prison for conspiracy to commit fraud, and that’s not all...
  • According to Bloomberg, Sifu is actually Michael Patryn, the co-founder of the infamous Canadian crypto exchange QuadrigaCX, which collapsed in 2019 when its other co-founder disappeared with $133m of investors’ money.
  • He’s been asked to step down, but it’s a blow to Frog Nation – a network of DeFi projects that Wonderland is part of that are all designed to grow together and feed into each other’s successes… or failures, as it were.

2/ 2018-2019 he was "Michael Patryn". Him and now missing/deceased co-founder Gerald Cotten started Quadrigacx, a Canadian crypto-exchange.

They basically ran a ponzi, with on chain evidence showing that Cotten may have traded with user's funds.