History of Fraud Unsettles Popular Crypto Protocol

One co-founder of Wonderland was recently revealed to be Michael Patryn, who has been convicted of fraud in the past

A persona's hands on the keyboard of a computer
The crypto community is weathering a substantial scandal right now.

What happens when unpleasant details emerge about the history of someone who helped build something countless people trust? It’s a challenging situation regardless of the context, but it’s especially head-spinning when it comes to the world of cryptocurrency, where security, privacy and trust all play critical roles. That’s the situation many people have found themselves in following a revelation about one of the founders of the Wonderland protocol and the TIME token.

As Vice reports, last week on Twitter, self-described “on-chain sleuth” @zachxbt posted a lengthy thread accusing the Wonderland co-founder known as “Sifu” of being Michael Patryn, who was previously convicted of fraud. In the wake of this, Wonderland founder Daniele Sestagalli confirmed that Sifu and Patryn were one and the same.

“I want everyone to know that I was aware of this and decided that the past of an individual doesn’t determine their future,” Sestagalli wrote. “I choose to value the time we spent together without knowing his past more than anything.”

As CoinDesk reported, Sestagalli also stated that no one person had access to the wallet containing Wonderland’s funds.

Subsequent reports suggest that Sifu has stepped down. Sestagalli followed up the initial posts with a longer letter to the community. “Now having taken some time to reflect, I have decided that he needs to step down till a vote for his confirmation is in place,” he wrote. “Wonderland has the say to who manages its treasury not me or the rest of the wonderland team.”

On Sunday morning, Sestagalli returned to Twitter with a bleak update on the future of Wonderland. “Wonderland experiment is coming to an end. It is clear from the vote that the community is divided,” he wrote. “The core and heart of Wonderland is still the community. If we cannot find agreement on wether [sic] to continue or not, it means that we failed.”

Based on this, it sounds like the next step will involve reimbursing those who have lost faith in the project. As for what’s next for the people involved, that remains to be seen.

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