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The markets have had a volatile start to 2022 and a lot of volatility is now coming from the drama on crypto twitter. Earlier this week, an anon account run by Zach (zachxbt.eth) doxxed one of the co-founders of Wonderland (Time), an OHM fork on Avalanche.
Zach, the anon account, discovered the co-founder of Wonderland, OxSifu is Michael Patryn. The account also confirmed the allegations with co-founder Daniel S. Michael Patryn’s background is worrisome for many investors since he was actively involved in such a large project and managed the CFO/treasury duties for the Wonderland protocol.
Some select allegations against Michael Patryn:
Co-Founded the Canadian crypto exchange QuadrigaCX, which is now defunct, and lost ~$170M of user funds
Plead guilty to conspiracy to commit bank and credit card fraud
Served time in the US for running an online identity theft ring
Michael Patryn was able to reinvent himself in the DeFi space as anon online identity OxSifu. The ripple effects in crypto have shook Wonderland and its token TIME which has sold off 60% over the past week, however, recovering 21% over the past 24 hours with 0xSifu stepping down.
It will be interesting to see how the crypto community responds to large projects with anon leaders going forward, and how regulatory agencies may take advantage of the current news cycle to clamp down on the sector in the future.
Investment Associate | Ember Fund
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