The drama continues between Wonderland DAO (TIME) and executive Michael Patryn, known as Sifu. The community has taken a beating on the former CEO of Quadriga FX. With the effect of the news, the prices of 4 altcoins associated with the DeFi platform fell sharply.
4 altcoin prices crashed due to scandal executive effect
A week-long drama around the Wonderland DAO and its developer, Sifu, has finally come to an end as the organization filed a vote to fire the scandalous developer. According to Snapshot on Blockchain, while the community is currently voting to return the treasury to its owners, it is actually voting to fire the former developer of the QuadrigaCX exchange.
Sifu or Michael Patryn had started QuadrigaCX, a Canadian Ponzi scam exchange, and was later convicted. The stock market crashed after the founder disappeared with $160 million in cryptocurrencies. It was recently revealed that a senior executive at DeFi altcoin platform Wonderland is Michael Patryn, one of the co-founders of the failed crypto exchange QuadrigaCX.
Wonderland is a decentralized protocol based on Avalanche forked from Olympus DAO. Wonderland has quickly become one of the most popular solutions on the market, with a treasury balance of nearly $700 million. The community’s management decided to initiate a vote that would fund the community if successful. According to the voting page, the majority of users currently vote against the proposal, with 48.1% voting in favor.
TIME, LUNA, MIM, and UST tokens dropped significantly as traders entered a phase of panic caused by the shady surrounding the Wonderland developer. All the tokens and cryptocurrencies mentioned have at least some kind of connection to the Abracadabra protocol. Investors have withdrawn nearly half of the liquidity from the MIM stablecoin and at least 30% of the liquidity from the UST, funding data shows. At press time, LUNA has lost 26% of its value in the past seven days, while TIME’s price has dropped from $1,000 to $369 a few days after the unsavory discovery about the co-founder’s past.