Wonderland founder Daniele Sestagalli had also been kept in the dark about the identity of his collaborator until finding out about a month ago. He opted to keep this information to himself, and claims it was because he believes in second chances. After the information became public, Sestagalli began a vote on whether Patryn should be replaced.
Following the Wonderland protocol disaster earlier this week, it is revealed that the pseudonymous chief developer has a long history of financial crimes and shady businesses
- Reddit thread on r/defi
- Twitter thread by zachxbt
- Twitter thread by Daniele Sestagalli
- "Stament[sic] on last Wonderland developments" by Daniele Sestagalli
- "QuadrigaCX cofounder Michael Patryn resurfaces— as 0xSifu, treasury manager of Wonderland", Amy Castor
- "Michael Patryn of QuadrigaCX is back — as 0xSifu from DeFi protocol Wonderland", David Gerard
New Zealand auction house Webb's invites buyers of historic glass negative and associated NFT to "make it permanently digital" by smashing the plate after they buy it
Investors suffer enormous losses as "cascading liquidations" tank the Wonderland protocol token price below its supposed intrinsic value
The $TIME tokens are issued against a set of assets that supposedly give the token an intrinsic value, and if the price drops below the backing price, the protocol uses the assets in their treasury to buy back the token to bring it back up to its "fair value". In the day following the crash, the protocol's founders spent several million dollars in buy-backs, which briefly boosted the token back up to trading at around $600.
The project's team reportedly suffered major liquidation losses themselves, with the founder Daniele Sestagalli losing $15 million and the chief developer "0xSifu" losing $1.6 million. Sestagalli briefly caused panic in the community when he set his 300,000+ follower Twitter account to private after tweeting "Dude I just woke up losing 10 m dollars", but set the account back to public shortly after. He retweeted a thread stating that "the internal struggle for growth is cut short by the willingness of some entities to 'eat' all that they'r able to, instead of 'cultivating' and sharing what would be exponential profits in the future."