Shocked by the scandal, DeFi altcoin project Wonderland is experiencing a massive price collapse. After the price collapse, the “shut down” decision is spoken. Wonderland’s community is unhappy with the situation and the decision. According to co-founder Daniele Sestagalli, controversial decentralized finance protocol Wonderland has announced it is quitting. Details Kriptokoin.com‘in.
Collapse in DeFi altcoin project
The price of Wonderland token TIME has dropped another 10.43% in the last 24 hours. It’s now down more than 97% from its all-time high. Wonderland was released last September as an AVAX-based clone of the OlympusDAO reserve currency protocol. Members of his community call themselves “frogs.” Earlier this week, the controversial DeFi project became the subject of controversy after the protocol’s pseudonymous co-founder, 0xSifu, was revealed to be Michael Patryn, the convicted criminal behind the now-defunct QuadrigaCX cryptocurrency exchange. The person in question spent 18 months in prison in the United States after helping lead an identity theft ring called Shadowcrew in the 2000s.
Patryn, whose real name is Omar Patryn, came under scrutiny after QuadrigaCX CEO Gerald Cotton died suddenly in India in 2019, taking hundreds of millions of customers’ money to the grave because he was the only person with access to the exchange’s private keys. However, it was later revealed that the exchange was actually working as a Ponzi scheme. Sestagalli later admitted that he was aware of 0xSifu’s true identity, but decided to give him a chance. The community voted overwhelmingly to overthrow 0xSifu and replace him with another treasury manager. On January 29, another survey was opened to decide whether to close the project and give the treasure back to the community. In his Twitter thread, Sestagalli claims the community is clearly divided. The decision to stop Wonderland drew criticism as it had a significant advantage over the other camp from those who favored saving the project.
So you’re going to disrespect the desire of the majority @danielesesta?
The clear option here would have been to just give the “yes” folks a rage quit option.
Your reputation is already hanging by a thread. For crying out loud, don’t do anything that will anger the majority https://t.co/aykqrauT9X
— jeremychang.crypto (🎩, 🐸) (@UDJeremy) January 30, 2022
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