A Twitter user recently confirmed the shady past of the CFO of Frog Nation, @0xSifu. Frog Nation leader, Daniele Sesta, later confirmed this information. Since then, all the Frog Nation tokens have taken critical hits while the community continues to speculate on the issue.
Since their peak in November 2021, the TIME, SPELL, and ICE tokens have seen around 90% of their prices shaved off. Given that @0xSifu is the front man of Wonderland, it is no surprise that its TIME token is being hit the hardest, already losing 96.7% over the past 3 months.
Who is @0xSifu
Twitter user @zachxbt is certain that the Frog Nation CFO is Michael Patryn. He is the co-founder of the infamous QuadrigaCX that collapsed in 2019. The failed Canadian exchange collapsed after the sudden demise of its founder Gerald Cotten. The death caused $169m of investor funds to disappear as well.
Aside from that, Michael Patryn was also a convicted criminal in 2005. He was imprisoned for 18 months in the US over his role in an identity theft ring before being deported back to Canada.
Daniele later made a statement regarding this issue, which did not seem to ease the situation at all. Apparently, the Frog Nation leader was aware of Michael’s shady past but chose not to judge a man because of his past actions. However, the community did not share this view given that he has repeatedly been involved in shady financial dealings.
In addition, Andre Cronje also voiced his frustrations as an essential part of Frog Nation. Andre refers to Daniele’s choice of choosing Michael, an individual with consistent fraud, theft, and malicious behavior as negligence towards the organization.
This collective is a combination of four DeFi projects, including Abracadabra.money, Popsicle.finance, Wonderland.money, and Sushi.com.
Not long ago, there was an announcement to merge Abracadabra and Wonderland to create a powerful DeFi entity. These two entities use the same governance framework, where the merger can improve the efficacy of governance and improve the overall protocol. In addition, the collective recently took over SushiSwap and has plans to right this tumultuous ship.
At the time of writing, there is an ongoing vote in the DAO as to whether Sifu should remain as Wonderland’s treasury manager. The vote will end on Jan 29, at 1 PM, but there is already an overwhelming favorite. Out of the 5,644 votes, a whopping 85.93% has voted to replace him.
Evidently, the community has lost confidence in the CFO to manage the billion-dollar fund. Either way, all material treasury activities have ceased until the results are official.
Blockchain technology has made anonymity possible within communities, providing involvement opportunities for individuals with questionable behavior. Similar to the Untamed Elephants saga, @0xSifu will certainly not be the last of such individuals. Read the full thread here.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.