Founder of Failed Crypto Exchange QuadrigaCX Starts DeFi Protocol UwU Lend

Sifu, the pseudonymous co-founder of failed Canadian crypto exchange QuadrigaCX, has started UwU Lend, a decentralized finance (DeFi) protocol forked from Aave.

The project went live on Sep. 21 and has already secured $57.5 million in total value locked (TVL), according to DefiLlama.

Users can borrow against an algorithmic stablecoin named Magic Internet Money (MIM). Decentralized finance is a form of lending that uses smart contracts, removing the need for an intermediary.

Sifu’s reappearance comes after a turbulent few years following the collapse of QuadrigaCX. Sifu, whose real name is Michael Patryn, transferred millions of dollars worth of ether (ETH) to now-sanctioned coin mixing site Tornado Cash after his stint as Wonderland’s treasurer.

Related:  Ether surges 13% to a two-month high after Ethereum inches closer to a long-awaited upgrade

Patryn received a barrage of backlash from Wonderland community members after his identity was revealed, with a public vote to oust him from his role as treasurer securing 87.56% votes.

Wonderland’s TIME token is currently trading at $11.29, a far cry from last November when it surged to $9,700 before Patryn’s involvement was revealed.

Leave a Comment