Wonderland co-founder throws in the towel on beleaguered DeFi project

The co-founder of the embattled Wonderland decentralized finance project is preparing to pull the plug following a deeply divided community vote.

On Jan. 30, Wonderland co-founder Daniele Sestagalli tweeted that the Avalanche-based reserve currency experiment is coming to an end. He added that the divided community “means that we failed.”

The vote to save or wind down the project came after Sestagalli asked former partner and Wonderland treasury head Michael Patryn (who goes by the pseudonym ‘0xSifu’) to step down late last week.

Patryn, who has changed his name on a number of occasions, was sensationally revealed on Jan. 27 to be the co-founder of the defunct Canadian crypto exchange QuadrigaCX. He has also been previously convicted of credit card fraud and pleaded guilty to several related offenses in the early 2000s.

There were several active votes on the Wonderland governance forum, however, the vote to wind down the project and return the treasury back to its holders had 55% voting to save it and 45% in favor of disbanding at the time of writing. Sestagalli said that the division has resulted in a single path forward:

“The duty of the Team is to enact the will of the token holders. As the vote is so close to 50/50 there is only one path forward, it is to reimburse/unwind.”

He added that he is working with the team on a new proposal. However, it was pointed out by those in favor of keeping the project going that the community was not split. They suggested that the token allocation was split, which raised other concerns among the community.

A number of alternative proposals have been put forward to save the project from going under. These include another ongoing discussion on a potential merger with Wonderland and Abracadabra, a DeFi lending protocol and yield strategy generator.

Additionally, on Jan. 31, a lengthy proposal for Wonderland 2.0 was published by members of the community known as “Frogs” suggesting a transition of the existing protocol and treasury to a new DAO structure with a more transparent governance system.

Related: Daniele Sestagalli discusses Wonderland’s future after QuadrigaCX co-founder dox

The DeFi imbroglio has had ripple effects throughout the ecosystem with other networks such as Terra also feeling the impacts. The close ties between Wonderland and Abracadabra’s MIM (Magic Internet Money) token have also impacted Terra’s ecosystem since MIM is used for yield farming with the Terra stablecoin, UST.

The stablecoin has dipped below its peg recently on Wonderland concerns, and this has had a knock-on effect on LUNA which is used for its price-stabilization mechanism.

LUNA prices are currently down 13% over the past 24 hours as investors have been liquidating. Meanwhile, Wonderland’s native TIME token has crashed nearly 60% since the debacle began last week and is now languishing 96% down from its Nov. 7 all-time high of just over $10K.


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DeFi Protocol Wonderland Involves Cybercrime, Associated with Canadian Crypto Exchange Quadriga

According to Bloomberg, a decentralized finance project called Wonderland involving a felon associated with Canadian cryptocurrency exchange Quadriga has sparked widespread controversy, turning DeFi into a financial felon’s wonderland.

Sifu was identified by an anonymous Twitter user as Michael Patryn, the co-founder of the failed Canadian cryptocurrency exchange QuadrigaCX.

Launched by Sestagalli and 0xSifu in September 2021, Wonderland runs on the Avalanche blockchain.

The Quadriga exchange has cost 76,000 investors in Canada and about C$169 million ($133 million) since the death of Quadriga co-founder Gerald Cotten in 2018 One of the most famous large-scale fraud incidents to date.

Ernst & Young, the trustee of the now-bankrupt cryptocurrency exchange QuadrigaCX, published a report showing that almost 17,000 people have filed for the remaining assets of the crypto exchange in 2020.

Wonderland’s native token is TIME, and the current total value locked in the protocol is nearly $680 million, falling to an all-time low of $335 on Thursday before recovering to around $440.

Co-founder Daniele Sestagalli said Thursday that he asked Wonderland’s treasurer, who goes by the alias Sifu or 0xSifu, to step down.

A crypto wallet identified as belonging to Patryn appeared to be rapidly dumping various tokens on Thursday, with its total net worth dropping from $450 million to $70 million in a matter of hours, according to data from trackers DeBank and Zapper.

MyCrypto founder Taylor Monahan also traced a note marking a wallet as Patryn’s, which identified it as the Ethereum address of his Ledger hardware wallet.

She said the wallet is still active now, along with a transaction to 0xSifu’s address — a 17 ether ($42,500) transaction. This finding supports the fact that the two are the same person.

MyCrypto founder Taylor Monahan noted that on-chain evidence supports Zach’s claims. In 2019, she tagged a wallet as Patryn’s based on a note that identified it as the Ethereum address of his Ledger hardware wallet. She then showed that the wallet was still active, including transactions to 0xSifu’s address — such as a transaction of 17 ether ($42,500).

As reported by Blockchain.News on September 24,American over-the-top content platform and production company Netflix Inc is set to premiere a documentary revealing the fall of a once-popular Canadian cryptocurrency exchange QuadrigaCx and the dead of its founder, Chief Executive Officer Gerald Cotten. He left the trading platform in chaos.

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Here’s a Pair of Altcoins That Rallied Over 100% in Less Than Two Days While BTC and ETH Traded Sideways

Two altcoins have quietly pulled off massive rallies, doubling in price while Bitcoin and the broader crypto markets traded sideways over the last week.

Ion is the utility token for Osmosis, a cross-chain automated market maker (AMM) that allows developers to build and deploy their own customized AMMs.

Osmosis is built on top of the Cosmos (ATOM) network, which has seen its own hot streak, up 55% in the last two weeks.

ION has entered the new year with a bang, quickly jumping in price on January 4th from under $7,000 to over $10,000. After correcting, ION rallied from $7,378 all the way to $14,806 in less than two days. ION has continued its rally and topped out at $18,441 earlier today. It remains up 99.7% over the last seven days and a huge 260% over the last 30 days.

Joining the under-the-radar rallies with some timely gains was chrono.tech (TIME).

Chrono.tech aims to provide blockchain-based solutions for recruitment, HR and payment processes. It also aims to reduce barriers in accessing work and transferring funds securely in the global labor marketplace.

Chrono.tech’s ecosystem includes LaborX, a decentralized freelance work portal that allows workers and customers to organize work via smart contract-powered agreements. All payments are escrowed and made in crypto. After a job is done, payments are released automatically.

TIME, the project’s native token rallied from $229 to an all-time high of $569 in less than two days, covering 148% worth of gains.

During the same time period, Bitcoin and Ethereum mostly traded sideways, and are currently up 3.4% and 5.1% on the day respectively.

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Dogecoin Spikes After Elon Musk Says Tesla Will Start Accepting DOGE Payments for Merchandise

Tech billionaire Elon Musk has sent Dogecoin (DOGE) on a ride after announcing that Tesla will start accepting DOGE as payment for select items.

In a tweet to his 66.4 million followers, Musk says that Tesla will test out DOGE payments on some of its merchandise.

Immediately following Musk’s statement, Dogecoin spiked from $0.15 to $0.21, a 40% increase in less than two hours. The memecoin has since leveled out, currently trading at $0.19, a 20% increase from 24 hours ago.

The announcement comes on the heels of Time Magazine naming the SpaceX CEO its 2021 Person of the Year.

In an interview with Time, Musk says that he believes DOGE has an advantage over Bitcoin when it comes to being a form of payment.

“Bitcoin is not a good substitute for transactional currency.

And even though it was created as a silly joke, Dogecoin is better suited for transactions…”

When asked why he thinks DOGE is better than BTC for transactions, Musk said,

“The total transaction flow that you can do with Dogecoin is substantially more than… like transactions per day [on Dogecoin] is much higher than, has much higher potential than Bitcoin.

[Dogecoin] is slightly inflationary, but that inflationary number is a fixed number as opposed to a percentage.

So that means, over time, its percentage inflation actually decreases.

And that’s actually good because it encourages people to spend rather than hoard it as a store of value.”

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Time Magazine to Add Ether to Its Balance Sheet as Part of Efforts to Support Metaverse Newsletter with Galaxy Digital

Time Magazine will hold Ether (ETH) on its balance sheet for the first time as part of a deal with crypto investment firm Galaxy Digital to educate its readers about the metaverse.

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The 98-year old publication announced on Thursday, November 18, that it has partnered with the crypto company as part of efforts to explore the metaverse, to educate and engage as many people as possible about the emerging technology.

Mike Novogratz, CEO and Founder of Galaxy Digital, talked about the development and said: “Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish. We look forward to partnering with Time, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within.”

The popular magazine-based in New York will be releasing a weekly newsletter focused on metaverse, compiling a Time 100 companies list for metaverse-related firms and feature educational resources on a new section of its publication, and including the virtual space as a category in its annual list of the 100 most influential people in the world.

Galaxy Digital will offer its expertise to help explain the metaverse and its potential, like taking advantage of insights from Galaxy Interactive General Partners Richard Kim and Sam Englebardt.

The list will highlight firms with the most impact within the metaverse space, some of which may include blockchain firms, while others could be offering solutions to make experiences within the metaverse more successful, impactful or accessible for businesses and consumers.

Time magazine stated that the deal is the first of this nature among media companies. Although financial terms were not disclosed, Time’ company representatives revealed that the deal would run for about six months.

Apart from that, Time magazine mentioned that the partnership with Galaxy digital was conducted using Ether (ETH), which the media company plans to hold on its balance sheet. Since April, the publication has been holding Bitcoin as part of its partnership with crypto investment firm Grayscale.  

The Rise of Metaverse

The metaverse is being touted as a better version of the internet, featuring a virtual world for immersive experiences where people across the globe can meet, watch, play, and trade.

As reported by Blockchain.News in late October, interest in metaverse soared after Facebook announced a change of its name to “Meta Platforms Inc.” The social media giant retired its former name “Facebook” because it believes that it only represents a single product. “Meta”, the prefix of the word “Metaverse”, involves the concept of shared virtual worlds and communities, which is the branding Facebook hopes to capture.

Microsoft Inc is also dabbling in the metaverse. It recently introduced Mesh for Team, a virtual workplace.

As a result, other major firms are also shifting their focus in the internet’s next iteration.

Galaxy Digital appears to be focusing on expanding into the metaverse. In October, the firm raised a $325 million fundraising round aimed at virtual endeavours.

Image source: Shutterstock


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TIME Magazine to Hold ETH on Balance Sheet

Key Takeaways

  • Galaxy Digital has entered a content deal with TIME Magazine to cover metaverse topics.
  • Financed in ETH, the partnership will launch TIME100 Companies in metaverse category.
  • According to Galaxy, TIME agreed to accept and hold ETH on its balance sheet.

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TIME Magazine will hold Ethereum on its balance sheet under a partnership with Galaxy Digital focused on metaverse content. The deal comes with the launch of the TIME100 Companies category on the metaverse.

Galaxy Pays TIME Magazine in ETH for Metaverse Content

According to a Thursday press release, Galaxy Digital’s entertainment arm, Galaxy Interactive, has entered a content sponsorship deal with TIME Magazine. With the partnership, the magazine will be launching a new version of its TIME100 Companies, featuring the top global companies and entrepreneurs in the metaverse space.

“Metaverse” is a term used to refer to new virtual worlds that leverage virtual reality and are hosted on public blockchains like Ethereum. There are different metaverse projects that incorporate elements from blockchain gaming, such as non-fungible tokens (NFTs) and other financial incentives, called GameFi.

The partnership with TIME Magazine was financed in Ether (ETH), the native asset of Ethereum blockchain and the second-largest cryptocurrency. As part of the deal, the 98-year old magazine has agreed to accept and hold ETH on its balance sheet, making it the first major media organization to do so.

The Galaxy-TIME partnership also includes a new weekly TIME newsletter, “Into The Metaverse,” as well as educational material designed to educate readers on the metaverse topic. Galaxy Digital said it will leverage its expertise to help the magazine cover the fast-emerging metaverse space.

While the metaverse concept was first introduced by crypto projects like Decentraland in early 2020, it reached mainstream consciousness after Facebook rebranded to Meta last month. The social media giant has revamped its strategy to focus on building online virtual spaces, which has become a catalyst for the recent metaverse boom.

In April 2021, TIME partnered with Crypto.com to offer cryptocurrency as a form of payment for digital subscriptions. However, at that time the magazine did not hold ETH but merely used it as a payment method. A month prior, it auctioned three magazine covers as NFTs on SuperRare, a popular crypto marketplace.

“We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within,” Mike Novogratz, CEO and founder of Galaxy Digital, said on the partnership.

Notably, in Oct. 2021, Galaxy raised $325 million in a venture capital fund to make investments in NFTs, gaming, and metaverse-related startups.

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

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Crypto.com Partners with Times Magazine, over 2.3 Million subscribers can now Pay using Cryptocurrencies

The award-winning, New York-based Times Magazine now accepts cryptocurrencies as payment in partnership with Crypto.com, an announcement on Apr 19 reveals.

Times and Crypto.com Partnership Helping Accelerate Crypto Adoption

Any of the over 2.3 million Times subscribers who elect to pay using cryptocurrencies for their one-time purchase or Subscriber-only events and offerings will get unlimited access to content for the next 18 months.

Following this deal, Crypto.com now offers a pay reward for users who opt to use their currency, CRO.

Commenting, the CEO of Crypto.com Kris Marszalek said:

“We feel very fortunate to partner with Time. Our mission is to accelerate the world’s transition to cryptocurrency, and together with Time, we’ve just taken a major step forward towards reaching our goal.”

Meanwhile, the CTO of Times Bharat Krish said their rapid digital transformation is because of its commitment to embrace new technologies.

“We are thrilled to offer cryptocurrency as a payment option for our digital subscribers for the first time. TIME’s rapid digital transformation on behalf of our community is the result of our commitment to embracing new technologies and working closely with innovative companies like Crypto.com to bring our ideas to fruition.”

The option is only available for subscribers in the U.S. and Canada. However, the same will be rolled out gradually for readers in other parts of the world.

Crypto offers different Services, Launches an NFT Section

Founded in 2016, Hong Kong-based Crypto.com aims to fast-track the adoption of cryptocurrencies. Central to the crypto.com exchange is the CRO coin that enables execution at the best prices with low fees and deep liquidity.

As of April 2021, the crypto.com exchange had over 10 million registered users who can trade over 100 cryptocurrencies.

Beyond this, Crypto.com has partnered with Visa. Users who use the Crypto.com Visa card can receive eight percent in cashback. Users can grow their assets using Crypto.com rails, receiving up to 14 percent interest from their crypto assets.

As NFTs gain mainstream adoption, Crypto.com now has an NFTs section that notifies users of new drops. On the rooster are two drops scheduled in the next two days. One is by Emmit Fenn and David Ariew.

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TIME Continues Crypto Expansion, Adds New Payment Ramp

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TIME Magazine, Grayscale, to Roll Out Crypto Enlightenment Video Series

Grayscale and TIME Magazine have inked a partnership deal that will see both firms create an educational video series aimed at enlightening the masses on bitcoin (BTC) and other cryptocurrencies.TIME and its president Keith Grossman will be paid in bitcoin (BTC) for the deal and the company has hinted that it will hold the digital currency in its balance sheet rather than exchange it for fiat, according to a tweet on April 12, 2021.

A Match Made in The Moon 

Grayscale, a New York-based digital asset investing and crypto asset management company established in 2013, has inked a partnership deal with TIME, an American news magazine that has been in existence since 1923, to create an educational video series based on bitcoin and other cryptocurrencies.

While Satoshi Nakamoto’s bitcoin and other blockchain-based cryptos have continued their steady march towards mainstream adoption in 2021, the fact still remains that a good number of average Joes and even some people in government, do not fully understand the workings of these revolutionary techs.

Against that backdrop, it makes a whole lot of sense that a heavyweight in the cryptocurrency ecosystem like Grayscale, whose asset under management has nearly crossed $40 billion, is joining forces with the highly reputed TIME magazine, to enlighten the world on bitcoin, blockchain technology, and altcoins.

TIME Adds Bitcoin to Balance Sheet

In addition to creating the video series, Michael Sonnenshein, the CEO of Grayscale, has revealed that TIME and it’s president, Keith Grossman, have accepted to get paid in bitcoin for the exercise and have made it clear that the digital currency will be added to their balance rather than getting exchanged immediately for the fiat dollar.

As reported by BTCManager earlier in March 2021, Grayscale, whose Bitcoin Trust (GBTC) crashed by nearly 20 percent in March, expanded its cryptocurrency investment products to include trusts for some top altcoins, including chainlink (LINK), filecoin (FIL), decentraland (MANA), basic attention token (BAT) and livepeer,  in a bid to further expose institutional investors to more digital assets than just bitcoin (BTC).

TIME, on the other hand, has also been making inroads into the cryptocurrency ecosystem. Earlier in March 2021 the publication joined the non-fungible tokens (NFTs) craze and auctioned off its TIME Space Exploration cover of January 1959, as an NFT for 135 ETH ($249,196 at the time).

At press time, the combined market capitalization of the global crypto market sits at $2.15 trillion, with the price of bitcoin (BTC) sitting at $62,509, as seen on CoinMarketCap.

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Bitcoin (BTC) $ 27,169.28 0.85%
Ethereum (ETH) $ 1,901.55 1.26%
Litecoin (LTC) $ 94.60 0.36%
Bitcoin Cash (BCH) $ 114.66 0.03%