Finance Redefined: Wonderland reveal and Wormhole hacked, Jan. 28–Feb. 4
Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.
It’s been a tumultuous week of doxxing, hacks, bailouts and new highs in the decentralized finance space. Read on to recap the most impactful stories of the last seven days.
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Following the revelatory identification of previously anonymous QuadrigaCX co-founder Michael Patryn as the founder of DeFi protocol Wonderland — known on social media as @0xSifu — a subsequent community vote decided upon the permanent closure of Wonderland for outstanding security concerns.
The saga commenced when DeFi investigator Zachxbt doxxed Patryn to be Sifu, a figure with a notorious reputation within the digital asset space for alleged fraudulent and illicit activity, most notably regarding the $145-million losses incurred at Canadian-based cryptocurrency exchange QuadrigaCX in December 2018.
Having been made aware of Sifu’s real identity one month prior to this week’s announcement, Daniele Sestagalli, co-founder of Wonderland and stablecoin protocol Abracadabra, posed a crucial question to the community members: “Do we wind down or continue to fight for the aspect of an investment DAO being a revolutionary new organization?” Sestagalli stated his personal preference to be the latter, to fight.
From a technical perspective on Jan. 15, Wonderland recorded a near all-time high of $776.64 million in total value locked, or TVL. However, as a consequence of theexposure, the TVL figure dropped substantially to $78.57 million on Jan. 25, marking an 89.9% demise.At the time of writing, the figure has somewhat recovered to $408.59 million.
In true Web3 style,
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