Disgraced DeFi Founder Daniele Sestagalli Calls Time on Wonderland

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Key Take­aways Daniele Ses­ta­gal­li has called for Won­der­land to wind down due to divi­sions in the com­mu­ni­ty. Ses­ta­gal­li made the com­ments despite a com­mu­ni­ty vote that has seen a major­i­ty of respon­dents sig­nal that they want to save the project. The state­ment fol­lows a dra­mat­ic week for the Won­der­land com­mu­ni­ty after the project’s trea­sury man­ag­er was out­ed as a for­mer con­vict and co-founder of the Quadri­gaCX exchange. Share this article

“Won­der­land exper­i­ment is com­ing to an end. It is clear from the vote that the com­mu­ni­ty is divid­ed,” Ses­ta­gal­li wrote. 

Won­der­land Dra­ma Continues 

Daniele Ses­ta­gal­li has called time on Wonderland. 

The dis­graced DeFi founder, who rose to promi­nence in the com­mu­ni­ty at the helm of Won­der­land late last year, post­ed a tweet storm late Sun­day stat­ing his feel­ings on how it should wind down. “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 whether to con­tin­ue or not, it means that we failed.” 

1/Wonderland exper­i­ment is com­ing to an end. It is clear from the vote that the com­mu­ni­ty is divid­ed. The core and heart of Won­der­land is still the com­mu­ni­ty. If we can­not find agree­ment on wether to con­tin­ue or not, it means that we failed.

— Daniele nev­er asks to DM (@danielesesta) Jan­u­ary 30, 2022

The state­ment drew ref­er­ence to a com­mu­ni­ty vote over how Won­der­land should move for­ward after what’s been a dra­mat­ic week for the pro­to­col. Ear­li­er this week­end, Won­der­land com­mu­ni­ty mem­bers vot­ed to oust the project’s trea­sury man­ag­er 0xSifu after he was iden­ti­fied as Michael Patryn, a for­mer con­vict who co-found­ed the Quadri­gaCX exchange (Quadri­gaCX made head­lines in 2019 when it sud­den­ly shut down after Patryn’s part­ner Ger­ald Cot­ten van­ished with $169 mil­lion of investors’ funds). Amid the dra­ma, Ses­ta­gal­li pub­lished a Mir­ror post stat­ing that he thought Patryn should step down from the project before sug­gest­ing that the com­mu­ni­ty “should get pro­fes­sion­als onboard” to man­age the trea­sury. Although the vote to kick Patryn saw an over­whelm­ing major­i­ty of 87.5% vote to replace Patryn, Ses­ta­gal­li has stat­ed that com­mu­ni­ty divi­sions sig­nal the end of the project. 

Mul­ti­ple oth­er com­mu­ni­ty votes have been run­ning on Wonderland’s Snap­shot page over the week­end, with mixed results. One titled “Vote “YES” for wind down” has a descrip­tion that reads “If you couldn’t trust Dani or sifu after all this time, you gonna trust new man­age­ment found with­in 5 days? Vote yes,” with two options to vote: “YES” or “yes.” It’s received 257 votes so far. 

Anoth­er sim­i­lar poll sug­gests wind­ing down the project and return­ing the trea­sure to TIME hold­ers. 53.51% of votes opposed the pro­pos­al and 46.49% vot­ed in favor of it. Anoth­er calls to save both Won­der­land and the trea­sure. So far, 53.73% of 3,127 respon­dents have report­ed that they are in favor of keep­ing the project running. 

Should the project fold, it’s still unclear what will hap­pen to Wonderland’s $708.6 mil­lion trea­sury. Some have sug­gest­ed that there’s a risk that the found­ing team will take a large por­tion of the funds despite the com­mu­ni­ty reach­ing a major­i­ty con­sen­sus on return­ing the funds to TIME holders. 

As news of 0xSifu’s iden­ti­ty sur­faced Thurs­day, Won­der­land took a major hit. Ses­ta­gal­li also suf­fered embar­rass­ment after he admit­ted that he had known of 0xSifu’s patchy his­to­ry for a month. The so-called “Frog Nation”—former Ses­ta­gal­li fans who band togeth­er around Won­der­land and his oth­er projects, Abra­cadabra and Pop­si­cle, also appeared in dis­ar­ray as the news spread across the com­mu­ni­ty. Crit­ics slammed Ses­ta­gal­li for fail­ing to dis­close Patryn’s iden­ti­ty, and token prices for each of his tanked projects. On Thurs­day, he said that he had received mul­ti­ple death threats over the debacle. 

TIME is down again today, trad­ing at $360 at press time. It’s over 96% short of its all-time high. 

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

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2/ https://cryptobriefing.com/disgraced-defi-founder-daniele-sestagalli-calls-time-wonderland/

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