Alts Related to Avalanche App Developer Hit by Volatility as Ties to QuadrigaCX Co-Founder Revealed
The price of tokens associated with Daniele Sestagalli, a developer of several Avalanche (AVAX)-based applications, were hit by volatile trading over the past 24 hours as ties between Sestagalli and a convicted felon were revealed.
Among the projects associated with Sestagalli are Wonderland (TIME), Popsicle Finance (ICE), and Abracadabra.Money (SPELL). All of the tokens have seen heavy selling recently, before losses were trimmed during early US trading hours on Friday.
As of 16:10 UTC on Friday, TIME was up by 8% over the past 24 hours, SPELL was down 4%, while ICE gained almost 10% after having dropped by 62% over the past 7 days.
The choppy trading occurred after it was revealed that Wonderland’s pseudonymous co-founder ‘Sifu’ is Michael Patryn, a convicted felon in the US and co-founder of the now-defunct Canadian crypto exchange QuadrigaCX.
QuadrigaCX made headlines around the world back in 2018 when it was reported that its CEO, Gerald Cotten, had died during a trip to India. According to the exchange, Cotten was the only person who had the exchange’s private keys, which could have given access to over USD 190m worth of customer funds held on the exchange.
However, alternative theories about Cotten’s disappearance spread online, with some appearing to doubt the official version of the story.
Quadriga’s co-founder was Michael Patryn, who it has now been revealed is Wonderland’s co-founder ‘Sifu.’ Patryn was formerly known under the name Omar Dhanani, and is a convicted felon who spent 18 months in prison in the US for credit-and-bank card fraud in 2005, Bloomberg reported on Thursday.
“Today allegations about our team member @0xSifu will circulate. I want everyone to know that I was aware of this and decided that the past
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