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The community has implicated the co-founder of DeFi-Platform Wonderland in the QuadrigaCX

The community has implicated the co-founder of DeFi-Platform Wonderland in the QuadrigaCX

The co-founder of DeFi-Protocol Wonderland under the nickname 0xSifu is the co-founder of bankrupt Canadian crypto exchange QuadrigaCX Michael Patrin, an onchain detective under the pseudonym zachxbt.eth discovered.

In confirmation, he published correspondence with another co-founder of the project, Daniele Sestagalli.

1/ This needs to be shared @0xSifu is the Co-founder of QuadrigaCX, Michael Patryn. If you are unfamiliar that is the Canadian exchange that collapsed in 2019 after the founder Gerald Cotten disappeared with $169m I have confirmed this with Daniele over messages. pic.twitter.com/qSfWNNQPhr & ; zachxbt.eth (@zachxbt) January 27, 2022

"This needs to be shared, 0xSifu - QuadrigaCX co-founder Michael Patrin. If you don't know, it's a Canadian exchange that collapsed in 2019 after founder Gerald Cotten disappeared with $169 million," he wrote.


Sestagalli initially did not explicitly confirm the researcher's findings, but admitted that his partner had "made mistakes in the past."

"Allegations about our team member 0xSifu will be circulating today. I want everyone to understand - I knew this and decided that a person's past does not determine their future," he said.

In 2005, he pled guilty to credit and bank fraud In 2007, he admitted burglary, theft and computer fraud In 2018, he and his partner "lost access" to $115M in customer funds I agree that inmates deserve second chances but this is NOT about being convicted. & ; nour (@NourHaridy) January 27, 2022

In response, one user recalled some details of Patrin's background:

2005 - pleaded guilty to credit and bank fraud; 2007 - confessed to burglary, theft and computer fraud.

"I agree that ex-convicts deserve a second chance, but it's not about being convicted at all," he stressed.

Amid the wave of outrage, Sestagalli admitted that he learned of 0xSifu's identity about a month ago, but left him in charge of the treasury of record. He suggested that 0xSifu resign before being approved by a vote of the community;

My statement on Recent Developmens at Wonderland https://t.co/Lq3TK4z1fI & ; Daniele never asks to DM (@danielesesta) January 27, 2022

Sestagalli and 0xSifu founded Wonderland in September 2021 as a fork of the Olympus protocol on the Avalanche blockchain. The idea behind the project is to create a stabelcoin backed by a pool of crypto-assets.

The Wonderland native token (TIME) plummeted from around $540 to a low of $343 after the zachxbt.eth tweet was published - about 36% (CoinGecko). As of this writing, the rate has bounced back to $380;

Data: CoinGecko.

Since the beginning of the year, the coin's quotes have fallen by about 90%.

The volume of blocked assets (TVL) in the minutes is down more than 86% for the week. The index accelerated the fall, dropping 73% in the last hour alone.

Data: DeFi Llama.

Along with the Abracadabra, Popsicle Finance, Wonderland, and more recently SushiSwap protocol teams, the Wonderland community is part of the decentralized Frog Nation organization. 0xSifu is its CFO.

TVL of the aforementioned projects also shows a noticeable decline.

Recall that in 2021 streaming service Netflix announced plans to release a documentary about the death of QuadrigaCX founder and CEO Gerald Cotten.

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