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HomeNewsTIME Wonderland Drops 40% as CFO 'Sifu' Revealed to be Michael Patryn of QuadrigaCX
TIME Wonderland Drops 40% as CFO 'Sifu' Revealed to be Michael Patryn of QuadrigaCX

TIME Wonderland Drops 40% as CFO 'Sifu' Revealed to be Michael Patryn of QuadrigaCX

Last updated 23rd Sep 2022
Disclosure
  • Prior to setting up Quadriga, Michael Patryn was involved in an identity theft ring called ShadowCrew for which he later pleaded guilty.

Popular decentralized finance (DeFi) protocol, Wonderland is in hot water after blockchain detectives discovered the criminal past of one of the founders, pseudonymously known as Sifu.

Zachxbt, who is a popular on-chain detective revealed on Twitter that Sifu, who also serves as Wonderland’s CFO was previously involved in the QuadrigaCX scandal of 2019.

Sifu, whose real name is Michael Patryn was the co-founder of QuadrigaCX, the Canadian cryptocurrency exchange whose founder suddenly disappeared and left clients $169 million out of pocket.

The firm later claimed that the co-founder Gerald Cotton had suddenly died while on honeymoon in India. His body was cremated before anyone had a chance to verify his death.

Following these revelations on Twitter more information has now come to light.

Prior to setting up Quadriga, Michael Patryn was involved in an identity theft ring called ShadowCrew for which he later pleaded guilty.

In court, he also pleaded guilty to a number of other charges including grand theft and second-degree burglary.

At the time, he was known as Omar Dhanani however, he changed his name and was deported to Canada shortly after.

These revelations have inevitably shocked many investors and at the time of writing, Wonderland's TIME is down 40% in the past 24 hours.

This is a developing story and we’ll provide regular updates as more information comes out.

Edit:

Daniele Sesta, the founder of Wonderland has now made a statement confirming that Sifu is to step down pending a vote by the community as to whether he should remain on the project.

Sesta confessed that he found out about Sifu’s past around one month ago, however, decided to give him a, ‘second chance’ as people shouldn’t be judged by their ‘early mistakes’.

It is now up to the community to decide the future of who they want to manage their money.

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Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.