According to an investigation by a Decentralized Finance Investigator (DeFi) known as @zachxbt.eth, the true identity of the founder of the failed QuadrigaCX exchange has been revealed. He is the creator of a protocol called Wonderland, which is experiencing a tumble as a result.
True identity revealed?
According to zachxbt.eth, the creator of Wonderland @0xSifu, is actually Michael Patryn – the co-founder of the failed and considered by investigative authorities as a pyramid financial exchange QuadrigaCX.
In response to the outcome of the investigation, another Wonderland creator Daniele Sesta made the following statement on Twitter:
“I have no prejudice against @0xSifu, he has become a friend and part of my family and if my reputation is damaged by him, so be it.”
As per further information, Sesta came to know about the details of @0xSifu’s career just a month ago. However, advocating the second chance rule, he decided not to break the relationship and continue the partnership. However, he bowed to the pressure of public opinion and stated:
“I have decided that he must step down until there is a vote on his confirmation. Wonderland has the right to vote on who manages its vault, not me or the rest of the Wonderland team.”
QuadrigaCX history in a nutshell
There was a lot of buzz around the Canadian exchange QuadrigaCX after its owner Gerald Cotten passed away in 2018. It turned out that Cotten probably managed the entire company himself and only he had insight into the company’s finances. Most importantly, access to resources maintained on QuadrigaCX was lost along with him. The number of victims reached 76,000 people, and the total amount to be paid out exceeded $215 million. The bankruptcy investigation, led by Ernst & Young, recovered only $45 million.
The investigation also found that QuadrigaCX was a pyramid scheme and Cotten was a fraudster. On his own platform, he created accounts under various aliases and made fictitious transactions on them. They held funds, unaccounted for, and Cotten traded them for his clients’ real cryptocurrencies. He also invested his clients’ funds without their knowledge, and the frequent deposits of new clients directly covered the withdrawals of others.
As a result of such information, Cotten’s death has been called into question over time. Victims have suggested on more than one occasion that the owner of the exchange fled with the stolen funds, changing his identity in the process.
Wonderland (TIME) in trouble
After the publication of the result of the investigation, the price of Wonderland (TIME) fell from the level of $442 to the region of about $296. This is a real blow to the cryptocurrency, which as recently as last November listed its ATH at $14185. As you can see, the presence in the project of such an insecure figure as @0xSifu raises a lot of anxiety among investors. So did he deserve the second chance Sesta gave him earlier? Soon the Wonderland community will decide for itself.
