- Sifu, the deposed treasury manager of Wonderland’s DeFi protocol, has introduced a new token that bears his name.
- Around one million $Sifu tokens were launched into a Uniswap V3 pool linked with ETH.
- At the time of publication, the coin was trading at $104 per token.
Sifu, the deposed treasury manager of Wonderland’s DeFi protocol, has introduced a new token that bears his name. Sifu put about one million $Sifu tokens into a Uniswap V3 pool coupled with ethereum on February 18. (ETH).
Sifu was kicked out of Wonderland when he was identified as Michael Patryn, the co-founder of the collapsed Canadian crypto-asset exchange Quadriga, last month. Sifu, a previous prisoner in the United States for bank fraud, has not been charged with any misconduct at Wonderland.
Outside of the Uniswap V3 pool, there are presently 183 holders of $Sifu, according to Etherscan. Sifu has been linked to the address sifu.eth, which owns 49,500 tokens, or 4.95 percent of the total supply.
One person recently spent approximately $500,000 on 4,835 Sifu tokens, accounting for roughly 0.48 percent of the total supply. Zachxbt, the on-chain investigator who discovered Sifu, appears to have purchased 10 Sifu tokens for around $1,000 from an account linked to him.
In a tweet, Sifu laughed about his nemesis’ unusual purchase, saying, “He [Zachxbt] understands a good deal when he sees it.”
Details about the token’s purpose or operation are yet unknown. On thin volume, the token was trading at $104.19 at the time of writing, up 20% in the previous 24 hours. Sifu’s existing token holdings are worth $5.15 million at this pricing.
In essence, users are exchanging their ETH for $Sifu. That’s because Sifu didn’t put any ethereum into the Uniswap V3 pool when he provided liquidity for his token. When asked what project he was working on on Twitter, Sifu replied, “$Sifu.”
It’s possible that Sifu has moved on from his own project at Wonderland, a DeFi protocol he co-founded with Daniele Sestagalli, the renowned developer who has been chastised for failing to secure Sifu’s identity. He declined a request to return to Wonderland.
People who keep bringing up Sifu’s fraudulent background were challenged by Sifu to “provid[e] evidence of my guilt” at Wonderland. The crypto millionaire believes he has “paid his obligation to society” and has “a long time ago” moved on from his past crimes.
Sifu just began cashing out his multi-million-dollar ETH stockpile via cryptocurrency mixing provider Tornado Cash, making it more difficult to track. Despite claims that he was using Tornado Cash to wash “stolen” cash, Sifu maintained he did it for “privacy.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
