In a series of Twitter posts published on January 2. On Feb. 27, decentralized finance (DeFi) researcher, zachxbt apparently revealed the true identity of previously anonymous QuadrigaCX co-founder Michael Patryn, telling him he was @0xSifu, the founder of the DeFi Wonderland protocol.
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
1/ This needs to be shared, @0xSifu is QuadrigaCX co-founder Michael Patryn. If you’re not familiar, that’s the Canadian exchange that crashed in 2019 after founder Gerald Cotten disappeared with $169 million.
I have confirmed this with Daniele by messages.
Following the publication of private messages between zachxbt and Daniele Sesta, the founder of Wonderland and Abracadabra, Sesta tweeted his perspective on the case and stated that “I had no prejudices about @0xSifu, he had become a friend and part of his family and if his reputation for judgment would be hit by his dox, so be it.”
A recent Mirror.xyz blog written by Sesta reveals that he became aware of Sifu’s professional background just a month ago, but decided to maintain his role as treasury manager based on the principles of second chances. However, after an impassioned public outcry in response to his tweets this morning, Sesta took a moment to reflect on the situation and concluded that:
“I have decided that you must resign until there is a vote on your confirmation. Wonderland has the say on who manages your treasure, not me or the rest of the Wonderland team.”
On January 9, Sesta declared his optimism about projects where founders and teams reveal their personal identity, affirming that “tokens from doxxed teams (with hidden identities) will outperform anons. Pay attention.”
Wonderland emerged in space in September 2020 as a fork of Olympus DAO, launching on the Avalanche network. The community calls itself “frogs”, but the decentralized reserve currency protocol has not made any big leaps in the market so far.
According to current data from the website, the protocol has $360 million in total value locked (TVL), while its native asset, TIME, is down nearly 97.5% from all-time highs just two months ago, and 30% lower. today at $355.
In the last week, the founders intervened with a quantitative easing type strategy of pumping millions of dollars into projects in a desperate attempt to stop the price bloodshed.
The QuadrigaCX saga began after the untimely passing of Gerald Cotten, the co-founder of the Canadian-based cryptocurrency exchange in December 2018. In the days that followed, allegations surfaced that more than $145 million of customer funds were misplaced, with the team citing the inability to locate the encrypted passwords. of cold storage wallets.
In the years that followed, an ongoing legal battle began between the estimated 20,000 or so claimants and the exchange, with trust firm Ernst & Young revealing in late 2020 that they only have approximately $29.8 million in assets to distribute compared to the value USD 171 million claim.
The story piqued the interest of streaming and production giant Netflix, which recently announced that a documentary film is in the works that dramatizes the mystery surrounding Cotten’s death and the subsequent financial fallout.
Entitled Trust No One: The Hunt for the Crypto King, the film is set to be released in 2022 and details QuadrigaCX’s suspected malice in orchestrating rug pulls according to countless personal community-based accounts.