- Wonderland tokenholders are voting on the future of the project
- It was revealed this week that Michael Patryn is the project’s treasurer
- Patryn is a convicted fraudster and co-founder of the QuadrigaCX exchange
The under-pressure Wonderland DAO is awaiting the result of a vote to see what will happen to its $765 million treasury following the revelation that the man in charge of the treasury is convicted fraudster and QuadrigaCX co-founder Michael Patryn. A 48-hour vote has commenced in which TIME tokenholders can vote to wind down the project and return the treasury funds to users, with Patryn himself casting thousands of votes to, unsurprisingly, retain the status quo.
Patryn Involvement Causing Seismic Shift
Patryn was outed earlier this week by crypto investigator @zachxbt, but the real shock came when it was revealed that his identity was already known to Wonderland founder and head frog Daniele Sestagalli. Sestagalli yesterday defended his decision to keep the information from Wonderland in a message in which he said he was “of the opinion of giving second chances” and so allowed Patryn to stay in the role.
However, extra scrutiny was placed on the project following a collapse in the value of Wonderland’s time token in recent days, which led to the investigation that outed Patryn.
The Wonderland community reacted with shock, leading to calls for Patryn to be let go. As a result, a proposal was put forward to replace Patryn with “A strong, rational hand (maybe moreso with no criminal record) to navigate the treasury assets through good times and bad times.”
Wonderland Vote Ends Sunday
A vote on the future of the Wonderland protocol was initiated yesterday which will run until Sunday night, with TIME whales, including Patryn himself, helping to sway the vote in their favored direction:
Damn, @0xSifu just voted with 3.8k votes not to dissolve making things a bit more interesting!
73% Dissolve
26 StayShit. $wMEMO $MEMO $TIME @Wonderland_fi https://t.co/6A09eUw5YR pic.twitter.com/CTyDkcbFGJ
— Brad – 🎙Host Mission DeFi & DeFi Lunch Shows (@b05crypto) January 29, 2022
Wonderland and its associated products are hugely popular in the crypto space, and if they were wound down on the basis of this revelation it would bring an untimely end to this innovative project.
