In Brief:
- Wonderland Community voted out Sifu or Michael Patryn due to involvement in the exit scam.
- 88% of community members opined against the Sifu to continue on his position.
- Members take the decision through voting to continue Wonderland DAO.
Finally, the Wonderland DAO community decided to take down their treasury manager on the basis of votings, Sifu or Michael Patryn after finding his involvement in one of the largest crypto scams of QuadrigaCX.
Michael Patryn was one of the co-founders of QuadrigaCX, whose identity was recently revealed by the crypto sleuth.
QuadrigaCX was the leading crypto exchange on the initial day of the crypto exchange and the company operation was running in a smooth manner until the death of Gerald Cotten, another co-founder of QuadrigaCX.
After his death, the company declared that they have lost access to $190 million worth of funds from 115,000 customers. The company lied that Cotten was the only person who had a private key to access this fund. But, after the investigation, the community declared this incident as an exit scam.
Wonderland DAO initiated the voting on January 27 and closed with a majority on January 29. The voting was made through Wonderland’s native token, TIME. More than 64,000 community members have participated, in which 88% of members voted “No, replace Sifu” to take down Sifu from the treasury manager post.
Furthermore, Wonderland DAO has organized another poll to decide the future of DAO whether it should continue or be dismissed from the current position. In this poll, the majority of community members chose to continue DAO.
“Winding down will mean giving every wMEMO [wrapped wonderful memories token] holder back the funds from the treasury that they are entitled to and declare the OHM Fork experiment closed,” said Wonderland in a forum post on Friday. “We strongly believe that this would be the cleanest way of moving forward.”
The poll was organized from 29th January to 31 January. In this Poll, if the community decides to shut down the DAO then it would unwind the treasury. “We don’t want anything to happen to users’ funds, and we would not feel confident to delegate the whole treasury to a non-structured replacement,” it said.
On the other hand, Now as the community is willing to continue DAO, it will require a new entity to take control of the treasury. However, Wonderland thought that the winding-up was not the best solution for the community and has already started to build an interface to reclaim funds for investors.
