Wonderland invests $25 million in new Sifu project

Key learning points

  • Wonderland voted today to invest $25 million from its treasury in Sifu’s Vision.
  • Sifu’s Vision is a project started by Wonderland community member and convicted fraudster Michael Patryn.
  • It appears that Patryn had enough TIME tokens to vote in his favor and make a profit of at least $23 million from the transfer.

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Wonderland Voted to Pump $25 Million into Sifu’s New Cryptocurrency Project; however, it appears that Sifu himself had enough tokens to turn the vote in his favor and profit by at least $23 million.

Funds are with Sifu

Wonderland invests $25 million in Sifu’s Vision.

After a week of deliberations, the Wonderland community voted today to buy $25 million worth of SIFU tokens. The purchase was justified by the proposal as an opportunity for the community to utilize “a [small] part of the treasury” to continue to receive the benefits of Sifu’s “management and communication” skills.

The proposal to invest in Sifu’s Vision, submitted by 0xSifu itself, was passed with 321,000 TIME tokens for (89.27%) and 39,000 TIME tokens against (10.37%). However, a look at the votes indicates that 0xSifu was the second largest voter, contributing 51,000 TIME tokens to the vote through his official account. This would have been sufficient to secure the adoption of the proposal.

The TIME token traded in a range of about $33 to $25 throughout the week therefore, Sifu cost up to $1,683,000 to secure $25 million.

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

Patryn is the co-founder of crypto exchange QuadrigaCX, which: suddenly shut down after Patryn’s former partner Gerald Cotten disappeared with more than $169 million in investor funds.

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

Law enforcement officers have stepped up their efforts to prevent money laundering and fraud in crypto worldwide. The FBI recently added notorious con man Ruja Ignatova on the ten most wanted list.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

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