Daniele Sestagalli abandoned DeFi after the Michael Patryn scandal, which led the TIME token to crash along with the other pegged tokens linked to him. His Twitter followers tease him by telling him to partner with Do Kwon and warning potential victims not to invest in Wonderland.
Daniele Sestagalli, the founder of Wonderland, announced his return to DeFi in a controversial way.
Following the Michael Patryn (0xSifu) scandal, Sestagalli stopped working in the DeFi sector in January. At the time, he said that the Wonderland experiment would end.
However, Sestagalli recently stated on Twitter that he would return while promoting the native token of Wonderland (TIME). In addition, he mentioned the Abracadabra-based stablecoin Magic Internet Money (MIM), which he also created.
Sestagalli stated that Wonderland would bring more technology but did not provide any details. He teased his Twitter followers with a short video, saying it has to become a frog seeking to rebuild the true kingdom.
Decentralized Reserve Cryptocurrency Protocol Wonderland Falls from Grace
Sestagalli built the decentralized reserve currency protocol Wonderland on the Avalanche blockchain network. Along with Michael Patryn, he released it as a fork of the Olympus DAO in late 2021.
The protocol managed up to around USD 1 billion worth of assets but plummeted to just USD 6.3 million, according to DefiLlama.
Sestagalli learned that Patryn had a criminal past but kept silent for a month. In that way, the ex-convict continued working as the treasury manager of Wonderland.
Only after crypto sleuth Zachxbt brought it to light did the DeFi confess that situation.
The news led the TIME token to crash along with all the other pegged tokens linked to the developer. After liquidating many people, Sestagalli promised to repay but has not yet done so.
Now Twitter Followers Tease the Founder of Wonderland
Daniele Sestagalli helped found a community of DeFi projects that he leads. It includes Wonderland, Abracadabra, and Popsicle Finance, whose participants call themselves frogs.
However, not everyone likes the idea of his return. Marc Pelosi, one of the first Bitcoin investors, jokingly told him he should partner with Do Kwon.
Do Kwon, founder of Terra, ran a USD 60-billion blockchain, which collapsed in May. In that regard, the Korean authorities are closely investigating the developer and his partner Daniel Shin.
Another Twitter user, identified as beartronix9, said that the return of Sestagalli would make the crypto community crazy. He commented that many would lose all their money if they invested in Wonderland.
Other users wonder when they will refund all the money they lost to that protocol. Something similar happened with those investing in the Terra (UST) token that have not yet recovered their funds.
TIME, the Wonderland token, is trading at around USD 15.79 and accumulated a 16.3% loss over the last week. Its daily trading volume is slightly above USD 134,278, while its market capitalization is about USD 14.22 million, according to CoinGecko. The crypto asset has dropped by 99.8% from its all-time high of USD 10,063 in November.
By Alexander Salazar
