Following the doxing of his colleague Michael Patryn, Daniele Sestagalli, co-founder of decentralised finance (DeFi) system Wonderland and stablecoin protocol Abracadabra, gave a statement on the route forward on Friday:
“Do we stop fighting for the aspect of an investing DAO [decentralised autonomous organisation] being a revolutionary new organisation, or do we keep fighting? For the option that I support, which is to fight and appoint a fresh and skilled treasury manager.”
An investor had discovered Wonderland’s chief financial officer to be Patryn. A former co-founder of the now-defunct Canadian bitcoin exchange QuadrigaCX, the day before. Following the unexpected death of QuadrigaCX’s co-founder in late 2018, over $145 million in user funds remains unaccounted for. Patryn also convicted in 2002 under a different identity of running a credit card fraud scam.
Despite the fact that no claims of impropriety took place against Patryn during her time at Wonderland, the idea of choosing someone with a history of illegal financial misdeeds to handle the protocol’s treasury alarmed many Wonderland users. Sestagalli cites a forum suggestion in which the author, “TheSkyHopper,” a co-founder of Bastion Trading, begs for the immediate removal of 0xSifu (Michael Patryn) from treasury management and proposes that members of his firm replace him. El jefe NYC, for example, made the following comment:
“This is EXACTLY the kind of bravery Dani required in these trying times. That is how a leader should respond. Moving forward, we shall become MUCH stronger.”
The Avalanche blockchain hosts the Wonderland reserve money protocol. Wonderland’s treasury balance was $1.9 billion in total value on January 2. Before the recent crypto market volatility and the Michael Patryn dox. At the time of publication, that figure had reduced to $278 million.