Scandal-ridden DeFi project Wonderland is shut down as prize tanks

Alex Dovbnya

The Wonderland community is not happy with the decision

Wonderland’s controversial decentralized financial protocol has shut it down, according to co-founder Daniele Sestagalli.

The price of the Wonderland (TIME) token has fallen by an additional 10.43% in the past 24 hours. It is now down more than 97% from its all-time high.

Wonderland was launched last September as an avalanche-based clone of the reserve currency protocol OlympusDAO. Community members refer to themselves as “frogs.”

Earlier this week, the relatively obscure DeFi project became the talk of the town after it was revealed that 0xSifu, the protocol’s pseudonymous co-founder Michael Patryn, is the convicted criminal behind the now-defunct cryptocurrency exchange QuadrigaCX. He spent 18 months in prison in the US after helping to run an identity theft gang called Shadowcrew in the 2000s.

Patryn, whose real name is Omar Patryn, came under scrutiny in 2019 after Gerald Cotton, CEO of QuadrigaCX, died suddenly in India, taking hundreds of millions of customers’ money to his grave, as he was the only person who had access to the private keys of Mr. the central. However, it later turned out that the power station was in fact operating as a Ponzi scheme.

Sestagalli later admitted that he was aware of 0xSifu’s real identity, but decided to give him a chance.

The community overwhelmingly in tune to expel 0xSifu and replace him with another treasury manager.

Another poll is open on January 29 to decide whether or not to stop the project and return the treasury to the community.

In his Twitter thread, Setagalli claims that the community is clearly divided. The decision to shut down Wonderland has been criticized because those in favor of saving the project had a significant edge over the other camp.

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