Scandal-Ridden DeFi Project Wonderland Shuts Down as Price Tanks

Wonderland

The Wonderland community is not happy with the decision

Controversial decentralized finance protocol Wonderland has called it quits, according to co-founder Daniele Sestagalli.

Wonderland (TIME) token price lost another 10.43% in the last 24 hours. It has now plunged more than 97% from its all-time high.

Wonderland was launched as an Avalanche-based clone of reserve currency protocol OlympusDAO last September. Members of its community refer to themselves as “frogs.”

Earlier this week, the relatively obscure DeFi project became the talk of the town after it emerged that 0xSifu, the pseudonymous co-founder of the protocol, is Michael Patryn, the convicted criminal behind the crypto exchange. QuadrigaCX currency, now defunct. He served 18 months in prison in the United States after helping run an impersonation ring called Shadowcrew in the 2000s.

Patryn, whose real name is Omar Patryn, attracted scrutiny in 2019 after QuadrigaCX CEO Gerald Cotton suddenly died in India and took hundreds of millions of customers’ money to his grave since he was the sole person who had access to the exchange’s private keys. However, it later turned out that the exchange was actually operating as a Ponzi scheme. 

Sestagalli later admitted that he knew about 0xSifu’s true identity, but decided to give it a chance.

The community overwhelmingly voted to oust 0xSifu and replace him with another treasury manager.     

Another ballot was opened on January 29 to decide whether or not the project should be stopped and return the treasure to the community.

In his Twitter thread, Sestagalli claims that the community is clearly divided. The decision to discontinue Wonderland attracted criticism since people who were in favor of saving the project had a significant lead over the other camp.

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