Posts about QuadrigaCX
Shocking news unraveling: 0xSifu, one of the main people behind the Wonderland/Time/Abracadabra is Michael Patryn, Co-founder of QuadrigaCX - the infamous Canadian CEX
This is just breaking: OxSifu the anon person heading multiple projects like Wonderland / Abracadabra is the Co-founder of QuadrigaCX Michael Patryn
Its unbelievable that they have not revealed this to the users.
One of the projects TIME is collapsing over the past few weeks, and both these users have supposedly been liquidated on leveraged positions yesterday. I dont understand why they were holding such high leverage positions in this crabby market environment. Maybe its just psyops to garner sympathy from users..
Micheal Patryn is a convicted felon who has served time in US for his criminal enterprises.
The co-founder of troubled cryptocurrency exchange QuadrigaCX is a convicted felon who served time in the United States for his role in an online identity-theft ring.
Michael Patryn helped launch Quadriga’s trading platform in 2013 alongside Gerald Cotten. The company has come under intense scrutiny since Mr. Cotten, its chief executive, died at the age of 30 from complications of Crohn’s disease while on his honeymoon in India last December, leaving the exchange’s users unable to access $250-million in cash and cryptocurrency.
Update: SIFU's wallet has over $450m. : https://debank.com/profile/0x5dd596c901987a2b28c38a9c1dfbf86fffc15d77
Amount stolen from QuadrigaX? $135m 👀
Netflix is making a documentation about the $250M QuadrigaCX Exchange scam. It's important to teach people about scams but it should not just be the "trust no one" narrative.
Netflix has just released the trailer for their new crypto documentary. Which is something amazing as we get to see that we are more and more getting mainstream adoptions. But they should be aware of showing a neutral picture of Crypto with the downs and ups both.
This documentation is about the 250M dollar scam with the QuadrigaCX the once biggest exchange in canada, where the founder Gerry Cotton played himself dead and stole the keys to everyones assets as he was the only person that had him.
The show is meant to be about how greed can destroy your life and the name of the documentation is "Trust No One: The Hunt for the Crypto King". Obviously the show is not out yet but still from the trailer it seems to just focus on how terrible it was and that you should not trust anyone.
But more importantly it should show the mistake you did in trusting the person as Trust itself is never wrong. It should be more about how you should go to wallets than Centralized Exchanges. You gotta show both sides of the coin and name the difference not just show the problem.
For the trailer: https://youtu.be/vW2BPQ15OSw
Our review of the <<Dead Man's Switch: CBC Bitcoin Documentary on The Fall of QuadrigaCX and The Alleged Death of Gerald Cotten - Aired Jan 2 2021>> Why we rate this documentary 1 star out of 5 stars.
We won't hide it, we're greatly disappointed about this documentary. We hopes it will teach something to the Canadian public on how to prevent or minimize the impact of a scandal like this one.
Link for the documentary: https://odysee.com/@BITCOIN:d77/deadmans-switch:6
Why we rate this documentary 1 star out of 5 stars.
#1 Panel of experts review:
With really few notable exceptions, all the experts invited for the documentary felt off and completely disconnected from current realities of Bitcoin
None of them brought significant value to the documentary.
After reviewing their profiles, most of their experts think that bitcoiners are alt-right extremists. (Probably racist and misogynistic too, you know the drill)
They also invited the notable #bitcoin fuder David Gerard who thinks that BTC, ETH and nfts are the same things. He naturally associates #bitcoin with nefarious and criminal activity and fails to recognize how much Bitcoin is changing lives for the better all around the planet.
The only expert they invited to comment on security was Taylor Monahan, CEO of the ethereum wallet MyCrypto
There is no mentions on ;
- Hardware wallets
- Security best practices
This is really amateur as most of the lost funds were in Bitcoin. The ''blockchain analysis'' done during the documentary trying to ''trace'' the funds only talks about Ethereum.
#2 Style and tone of the documentary
Nothing new about the style. Feels like a cheap murder documentary. The documentary tries to appear mystic and mysterious especially focusing on making Bitcoin appear like a technology and tool only used by criminals.
#3 Actual Information (Will you learn something)
If you have followed the QuadrigaCX story even remotely, you will learn nothing new in this documentary. It exclusively focus around the sensationalism around Gerald Cotten and the mystery surrounding his death.
If you're new to Bitcoin, the documentary will probably scare you off and will paint you a bad portrait about Bitcoin.
The explanations about Bitcoin and how it works are basic and generic.
The documentary is a big failure in terms off on how to prevent another QuadrigaCX and that's really the biggest disappointment about it.
The documentary concludes that the lack of regulations and legal persecutions is the cause of QuadrigaCX.
This is false, the nature of a custodial exchange and lack of education is the cause of the problem.
One of the experts during her interview said: ''Why an exchange would take money that some user deposit and send it to another exchange ?''
Well simply because they CAN and you won't know anything about it. Also its not like every other custodial exchange use arbitrage techniques using the funds of their clients. You most think by default that all custodial exchanges are working on fractional reserves to a certain extent.
How can you do such a documentary and not offer any alternatives to bitcoin users and have some MINIMAL information about self-custody.
It's not that hard.
Honestly, this documentary feels like a psyop honestly. Trying to solve a problem with more governmental intervention and regulations is always a red flag.
Persecuting people won't give QuadrigaCX users their money back and won't scare off potential scammers.
Real bitcoiners know this for years, only healthy self-custody practices will save bitcoiners from the next QuadrigaCX scandal. There are no alternative to that problem. Governments won't save you.
Obviously it's hard not to mention it and hide our bias but using a non-custodial exchange like Bull Bitcoin is also a big step into that direction. Buying on a P2P basis or mining can also prevent the problems associated with custodial exchanges.
Do you have other opinions?
The co-founder of billion dollar Defi protocol Wonderland is a serial scammer, fraudster and co-founder of notorious QuadrigaCX exchange!
The co-founder of DeFi protocol Wonderland was revealed to be a convicted fraudster who previously co-founded the notorious QuadrigaCX exchange. Investors are shaken after the co-founder of a multi-billion dollar cryptocurrency protocol was accused of being a serial scammer with a record of conviction and deportation, and the co-founder of a fraudulent Canadian exchange that imploded.
On Thursday, a twitter user who goes by zachxbt.eth “with a track record of unmasking crypto scams and nefarious behavior,” according to Coindesk accused “Sifu,” a core member of the founding team behind the popular Avalanche-based Wonderland DeFi (or decentralized finance) protocol and its TIME token, of actually being Michael Patryn.
Patryn, who changed his legal name twice, was the co-founder of QuadrigaCX,a Canadian exchange that shut down after Patryn's partner Gerald Cotten suddenly died in India in 2018 while owing users around $190 million in crypto at the time’s exchange rate. Patryn and Cotten reportedly parted ways in 2016.Later Investigators determined that Cotten was operating QuadrigaCX as a Ponzi scheme near the end of its life.
Patryn has been convicted of several crimes, including computer fraud and bank and credit fraud, as Bloomberg reported in 2019.After the original tweets that revealed Sifu is Patryn, Daniele Sestagalli, the founder of Wonderland, confirmed the allegation. Sestagalli is a prolific developer who is behind multiple DeFi projects, including Abracadabra's Magic Internet Money (MIM) token.
After this incident, it's important to check the background of people associated with Defi protocols because the Defi industry is still in its early stages and people like Patryn definitely brings a bad name to the whole space and give reasons to haters to bash Crypto more.