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Wonderland passes vote to invest $25 million in Sifu Vision

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DeFi protocol Wonderland has passed a governance vote to invest $25 million in the token Sifu Vision, a crypto project founded by Wonderland’s former treasury manager, known as Sifu. 

The vote passed today, with 89% of the votes supporting the governance decision. This means that it’s very likely that Wonderland community will proceed to an over-the-counter (OTC) deal to acquire $25 million worth of Sifu Vision tokens, more than half of Sifu Vision’s entire market capitalization of $42 million. These tokens will be linearly vested for 12 months.

Per the details provided in the governance proposal, Sifu will make independent investments in the crypto space with these funds, hoping to make a return for Wonderland’s treasury.

“Similar to the Wonderland TM [treasury manager], its my job to source the best possible deals and invest for maximum potential yield,” Sifu commented on the deal in earlier post on Wonderland’s governance forum. “The idea is that we trade and invest together, and share in the profits.”

Who is Sifu?

In January of this year, Sifu was asked to leave from Wonderland after his real identity was revealed as Michael Patryn, an ex-convict who was reportedly charged with identity theft charges in 2005.

Patryn is also known for co-founding the now-defunct Canadian crypto exchange called QuadrigaCX. In 2018, Gerry Cotten, Sifu’s business partner and the second co-founder of QuadrigaCX, died on holiday in India. After his death, it was found the exchange had a shortfall of almost $200 million. Shortly after his exit from Wonderland, Sifu founded Sifu Vision, a decentralized investment fund and a crypto token he named after himself. 

Months after getting fired by Wonderland, Sifu made a return to Wonderland. In June, he put up a governance proposal to the project’s decentralized autonomous organization (DAO) to invest in Sifu Vision’s native tokens. The proposal was put to a vote last week.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is a reporter who has covered the ins and outs of the tech industry for more than half a decade. Prior to joining The Block, Vishal worked for media firms like Crypto Briefing, IDG ComputerWorld and CIO.com.

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  • Source: https://www.theblock.co/post/155433/wonderland-passes-vote-to-invest-25-million-in-sifu-vision?utm_source=rss&utm_medium=rss

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