Wonderland community votes to buy $25M of ex-treasury manager tokens
The Wonderland community has agreed to buy $25 million of Sifu Vision tokens.
This is coming months after Sifu was forced to quit his role as Wonderland’s treasury manager over his criminal past.
The DeFi protocol passed the governance proposal to invest in Sifu Vision with 89% of the votes. What will follow is an over-the-counter (OTC) acquisition of $25 million worth of the token.
With the acquisition, Wonderland Community will own more than half of the Sifu Vision token market cap, currently at $42 million. The tokens will be linearly vested over 12 months using a Sablier stream.
Sifu submitted the proposal and was the second-largest active voter on the proposal. He contributed 51,000 TIME tokens to the 321,000 TIME tokens (89.27%) that voted in support of the proposal.
39,000 TIME tokens (10.37%) voted against the proposal.
TIME token traded between the $33 and $25 range throughout the week of the vote, meaning Sifu spent around $1.7 million to get sufficient votes for the $25 million purchase.
The voting happened after almost a week of deliberation by the community. According to the proposal, the objective is:
“Continued benefits from management and communications by Sifu, using a smol portion of the treasury. Expectation of profits through this partnership with your founder.”
This could be an attempt by Sifu to return to Wonderland after being forced out previously. He claimed the new token was part of his original vision for Wonderland.
According to him, this is an opportunity to continue that vision “without the friction of conflict of interest and DAO.”
Who is Sifu?
0xSifu is the former treasury manager of Wonderland DAO who was outed to be Michael Patryn, a convicted criminal.
Patryn has a chequered history that includes an identity fraud conviction and being a co-founder of QuadrigaCX. The Canadian crypto exchange failed when the co-founder, Gerald Cotten, disappeared with over $160 million of investors’ funds.
The disclosure led to Sifu being forced out of Wonderland DAO, but he has remained active in the crypto space. Sifu Token is his latest venture and its utility is to make money, according to the website.