A DeFi protocol has announced it is shutting down after it emerged that a convict was serving as its treasury manager.
Wonderland was plunged into chaos after a Twitter user unmasked 0xSifu as Michael Patryn. He had previously pleaded guilty to charges of credit card fraud, burglary, grand larceny and computer fraud — spending 18 months in U.S. federal prison. Patryn was also the co-founder of the doomed crypto exchange QuadrigaCX, which collapsed after it emergedin client funds was missing. However, Patryn was not accused of wrongdoing in this case because he had stepped down from the company a couple of years earlier.
Wonderland's co-founder Daniele Sestagalli had previously explained that he knew of Patryn's past — but had believed in giving people second chances. Patryn was subsequently asked to step down from the treasury position after the project faced a storm of controversy from its community. Last week, Sestagalli had said he wanted Wonderland to continue, but acknowledged that some people wanted the project to be "wound down and funds given back to token holders." As a result, he arranged for a community vote on its future direction.
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