Back to the list

Wonderland Invests $25 million In The New Sifu Project


coinculture.com 06 July 2022 13:00, UTC
Reading time: ~2 m

You might also like

Crema Finance Suffers Cyberattack As Solana Seeks Validation

Colombian Government Launches National Land Registry On XRP Ledger For Over 50 Million People

Three Arrows Paper Trail Leads To Trading Desk Obscured Via Offshore Entities

Wonderland is investing $25 million in Sifu’s Vision

After a week of deliberation, the Wonderland community voted today to purchase $25 million in SIFU tokens. The purchase was justified by the proposal as an opportunity for the community to use “a [small] portion of the treasury” to continue receiving the benefits of Sifu’s “management and communications” skills.

The proposal to invest in Sifu’s Vision, submitted by 0xSifu himself, was approved with 321,000 TIME tokens in favour (89.27%) and 39,000 TIME tokens opposed (10.37% ). However, a look at the votes shows that 0xSifu was the second most active voter, contributing 51,000 TIME tokens to the vote via his official account. This alone would have been sufficient to ensure the passing of the proposal.

Throughout the week, the TIME token fluctuated within the $25-$33 range. Sifu spent a maximum of $1,683,000 to secure $25 million.

Wonderland is an Olympus DAO fork built on the Avalanche blockchain. The project, led by Daniele Sestagalli, took a dramatic downturn in January after it was revealed that 0xSifu, the community member in charge of the treasury, was actually convicted fraudster Michael Patryn.

Patryn is the co-founder of the crypto exchange QuadrigaCX, which abruptly shut down after Patryn’s former partner Gerald Cotten vanished with over $169 million in investor funds.

Patryn has continued to participate in the Wonderland community and the larger crypto space as 0xSifu even after his identity was revealed. Patryn’s latest cryptocurrency venture is Sifu’s Vision; according to the official website, the SIFU token’s only utility is to make money.

Law enforcement agencies around the world have stepped up their efforts to combat money laundering and cryptocurrency fraud. The FBI recently added notorious scammer Ruja Ignatova to its Ten Most Wanted list.

Back to the list