Scandal in This DeFi Altcoin: Price Collapsed 97 Percent!

Shaken by the scandal, DeFi altcoin project Wonderland is experiencing a massive price collapse. After the price collapse, the “shut down” decision is spoken. Wonderland’s community is unhappy with the situation and the decision. According to co-founder Daniele Sestagalli, controversial decentralized finance protocol Wonderland has announced it is quitting. Details K riptokoin.com

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DeFi altcoin project crash

The price of Wonderland token TIME has dropped another 10.43% in the last 24 hours. It is now down more than 97% from its all-time high. Wonderland was released last September as an AVAX-based clone of the OlympusDAO reserve currency protocol. Members of his community call themselves “frogs.” Earlier this week, the controversial DeFi project became the subject of controversy after the protocol’s pseudonymous co-founder, 0xSifu, was revealed to be Michael Patryn, the convicted criminal behind the now-defunct QuadrigaCX cryptocurrency exchange. The person in question spent 18 months in prison in the United States after helping lead an identity theft ring called Shadowcrew in the 2000s.

Patryn, whose real name is Omar Patryn, was the focus of scrutiny after QuadrigaCX CEO Gerald Cotton died suddenly in India in 2019 and hundreds of millions of customers took their money to the grave because he was the only person with access to the exchange’s private keys. However, it was later revealed that the exchange was actually working as a Ponzi scheme. Sestagalli later admitted that he was aware of 0xSifu’s true identity, but decided to give him a chance. The community voted overwhelmingly to overthrow 0xSifu and replace him with another treasury manager. On January 29, another survey was opened to decide whether to close the project and give the treasure back to the community. In his Twitter thread, Sestagalli claims the community is clearly divided. The decision to stop Wonderland has come under criticism as those who favor saving the project have a significant advantage over the other camp.