Wonderland community agrees to invest 25 million USD in the project of “old man” 0xSifu

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2022-07-02 17:28:46

DeFi protocol Wonderland has come to the decision to invest 25 million USD in Sifu’s Vision, the cryptocurrency project of former CFO 0xSifu.

Wonderland community agrees to invest 25 million USD in the project of “old man” 0xSifu. (The character in the picture is not the real 0xSifu, but just a play actor. Source: Joma in Tech)

On the evening of July 1, the community of DeFi protocol Wonderland (TIME) voted unanimously to invest $25 million in Sifu Vision (SIFU), the project of the former 0xSifu CFO, who was fired. in January 2022 because of her “rogue” past being revealed.

History of 0xSifu

Wonderland (TIME) is a project that copies the model of Olympus DAO (OHM) and is related to other names in the Frog Nation community such as Abracadabra.money (MIM/SPELL) and Popsicle Finance (ICE). The Frog Nation team was very popular at the end of 2021 thanks to the DeFi 2.0 wave and the contributions of famous figures such as Daniele Sestagalli, Andre Cronje and 0xSifu. Frog Nation even proposed to buy SushiSwap when this famous DEX on Ethereum encountered internal turmoil in November 2021.

However, by 2022, the entire Frog Nation aura had completely collapsed in the direction of DeFi 2.0 and Andre Cronje and Dianele Sestagalli’s “drama” Solidly. The culmination of it all being that 0xSifu was revealed was Michael Patrynwho has a past of fraud, a criminal record, and is involved with QuadrigaCX, the Canadian exchange caused a loss of $ 190 million for users when the CEO “suddenly died”. Netflix has made a documentary about the twists and turns surrounding the QuadrigaCX case.

The Wonderland community then voted to “remove” 0xSifu and ask him to hand over the project’s money management. Wonderland then also voted whether to shut down and pay investors, with the final result being “No”.

However, since then, Wonderland, Frog Nation and Daniele Sestagalli have also ceased to be active, and Andre Cronje has even “quit the DeFi industry”.

However, 0xSifu is different. Since being kicked out by Frog Nation, 0xSifu is still active on Twitter, famous for memes “Funds are with Sifu” (your money is in Sifu’s hands), mocking the famous saying “Funds are SAFU” in the industry.

0xSifu has also been manipulated by many people for photos and videos, becoming a “legend” in the DeFi village.

Sifu’s Vision (SIFU)

In March 2022, the former CFO built Sifu’s Visiona decentralized investment fund and issuer token SIFU with a total supply of 1 million.

0xSifu claims Sifu’s Vision is his way of continuing his original “vision” for Wonderland before being fired. According to information on the project website, 0xSifu will not have a DAO model like Wonderland to remove community problems during the investment process. 0xSifu will be the sole authority to decide all issues related to the use of money. Token holders only benefit from the investment of the fund.

0xSifu revealed that Sifu’s Vision after more than 3 months of operation has reached the required size with more than 2,500 token holders. Since there is no DAO, all investment decisions will be passed quickly to ensure maximum value.

Website of Sifu’s Vision

By mid-June, 0xSifu submitted a proposal to the Wonderland community, call for investment of 25 million USD into SIFU tokens. 0xSifu claims to use this money to invest in other projects and return profits back to Wonderland.

The amount of $25 million SIFU sold back to Wonderland will be traded over-the-counter, gradually unlocking over 12 months. With Diluted capitalization is only $42.5 million At the time of writing, this means that Wonderland has agreed to buy back more than half of the Sifu’s Vision project.

The former Wonderland CFO wrote:

“Similar to my previous fund manager position at Wonderland, my mission was to find the best deals and make the most profits. It is difficult to estimate the percentage of return, but the idea is that we invest together and share in the profits.”

0xSifu revealed that after completing the SIFU sale in March, he used the proceeds to invest in ETH, CVX, CRV, GMX, WMEMO and participated in a $500,000 funding round in Aurora. Despite losing as much as $9 million after the LUNA-UST crash in May, 0xSifu is confident that the fund has still yielded 55% more than Ethereum since then.

Voting results

Voting has ended on the evening of July 1 with a support rate of 321,000 TIME, or 89% of the vote. Therefore, Wonderland has agreed to invest 25 million USD in SIFU.

The result of the vote to invest $25 million in Wonderland’s Sifu’s Vision

Even so, the vote is showing many “shadowy” signs of the amount of tokens that support Sifu’s proposal only worth $11.2 million, but helped bring in 25 million USD for this person.

“Support: 321,000 TIME

Objection: 39,000 TIME

The price of TIME in the past week is about 30-35 USD

Therefore, it only took about 11.2 million USD to pass the proposal to give Sifu 25 million USD.

And that’s how to make money the “legitimate” way.

As if to congratulate themselves, 0xSifu left the meme “Funds are with Sifu” right under an article updating the results.

Vulnerability with DAO

The result of the above vote may become a new testament to the problem that is increasingly evident with DAO organizations in the cryptocurrency industry, where a small amount of money can be manipulated. a vote, or a project that claims to be a DAO but is actually dominated by “whales” or hidden founders.

Examples of DAOs that have happened in the past can be mentioned as Juno “claiming money” on Cosmos system, drama Merit Circle – Yield Guild Games, “dictator DAO” Tribe – Fei and the latest proposal to take over power take control of Solend’s whale wallet.

Synthetic CHK

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