Community Decides To Remove Former CEO Of Quadriga FX
The drama finally ends, leaving countless investors incurring losses
The drama of a week around the Wonderland DAO and its developer Sifu has finally come to an end as the organization creates a vote to remove the outrageous developer.
According to on-chain Snapshotthe community is currently voting on returning the treasure to holders, while previously voting on the removal of the former developer from the QuadrigaCX exchange.
Sifu, or Michael Patryn, was previously convicted and launched a Canadian scam exchange, QuadrigaCX. It went down when the founder disappeared with $160 million worth of cryptocurrency. QuadrigaCX shares a co-founder with Wonderland DAO.
Wonderland is a decentralized protocol based on Avalanche, derived from Olympus DAO. Wonderland has quickly become one of the most popular solutions on the market, with a treasure trove of around $700 million.
Community management decided to launch a vote that, if successful, will return money to the community. According to the voting page, the majority of users are currently voting against the proposal, while 48.1% are voting in favor.
TIME and Abracadabra related token dive
Funds for TIME, LUNA, MIM and UST have fallen significantly as traders enter the panic phase caused by the Wonderland developer situation. All the tokens and coins mentioned above have at least some connection to the Abracadabra protocol.
As funding data suggests, investors drew nearly half of the liquidity from MIM stablecoin and at least 30% of the liquidity from UST.
At the time of going to press, LUNA has lost 25% of its value in the past seven days, while TIME’s price has fallen from nearly $1,000 to $385 in a matter of days after the unpleasant discovery about the co-founder’s past.