The CFO of Wonderland DeFi project has been outed as a co-founder of QuadrigaCX, the now-defunct crypto exchange as we are reading more about in our latest cryptocurrency news today.
The latest reports show that the co-founder of Wonderland was behind one of the crypto’s most scandalous exchanges QuadrigaCX. 0xSifu as the co-founder and CFO of the Avalanche-based fork of OlympusDAO dubbed Wonderland and was outed as co-founder of the notorious Canadian exchange QuadrigaCX and the exchange was labeled a ponzi-scheme by the Ontario Securities Commission in 2020. The reports came from Twitter users indicate that 0xSifu’s real name is Michael Patryn.
2/ Many people in the world are judged by their early mistakes, this comes prevalent into the life of ex inmates that can’t get access to financial services after being felons.
— Daniele never asks to DM (@danielesesta) January 27, 2022
The reports from The Globe and Mail back in 2019 confirmed that prior to being called Michael Patryn this individual has been called Omar Dahini but then Omar Patryn followed name changes in 2003 and 2008. Omar Dahini is also the same individual who co-founded QuadrigaCX in 2013 along with Gerald Cotten. Taylor Monahan the CEO of MyCrypto showed a connection between 0xSifu and Patryn using the same on-chain data pulled from Etherscan. Danielle Sestagalli who is a developer and co-founded Wonderland also is aware of the 0xSifu’s past history with QuadrigaCX.
Right after these reports started circulating, Sestagali explained that he was aware of this and decided that the past of the individual doesn’t determine their future so he chose to value the time spent together without knowing his past. The revelation led many other projects within the so-called Frog Nation to come forward and clarify the relationship with 0xSifu like Abracadabra Money and Popsicle Finance.
Frog Nation refers to the broader community of the users in the various DEFI projects built and sustained by sestagelli and other developers. 0xSifu’s Twitter bio reads CFO of Frog nation while Sestagelli’s reads CSO of The Frog Nation. In June 2020, the report released by Ontario Securities Commission corroborated most of the concerns expressed about QuadrigaCX. The report labeled the exchange that was the largest exchange in Canada until Cotten’s death revealed a financial hole worth $215 million a Ponzi scheme. Cotten was found to have faked $115 million worth of trading volume on the exchange:
“The downfall of crypto-asset trading platform QuadrigaCX resulted from a fraud committed by Quadriga’s co-founder and CEO Gerald Cotten. In its final months, Quadriga had almost no assets left and was operating like a revolving door—new client deposits were immediately re-routed to fund other clients’ withdrawals.”
1/ This needs to be shared @0xSifu is the Co-founder of QuadrigaCX, Michael Patryn. If you are unfamiliar that is the Canadian exchange that collapsed in 2019 after the founder Gerald Cotten disappeared with $169m
I have confirmed this with Daniele over messages. pic.twitter.com/qSfWNnQPhr
— zachxbt.eth (@zachxbt) January 27, 2022
The Ontario regulators noted:
“The misconduct uncovered in relation to Quadriga is limited to Quadriga, and should not be understood as applying to the crypto asset platform industry as a whole.”
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