The co-founder of the failed Canadian cryptocurrency exchange QuadrigaCX, Michael Patryn, has launched the DeFi protocol UwU Lend. CoinDesk reports.
Users can take out loans collateralised by the UWU token and the algorithmic stablecoin Magic Internet Money (MIM).
According to DefiLlama, at the time of writing the value of assets locked in UwU Lend exceeded $58.6 million.
In February 2019, the cryptocurrency exchange QuadrigaCX lost access to user funds totaling $190 million, reportedly after the death of CEO Gerald Cotten. As a result, the company filed for bankruptcy and closed.
In June 2020, the Ontario Securities Commission concluded that the bankruptcy was caused by fraud by its founder.
Later, the Canadian law firm Miller Thomson engaged Kroll to investigate QuadrigaCX’s missing assets.
In 2021, Netflix announced plans to release a documentary film about Cotten’s death.
In January 2022 it became known that the co-founder of a Bitcoin exchange, Michael Patryn, is a co-founder and treasury head of the DeFi protocol Wonderland under the alias 0xSifu.
Around the same time, his partner Daniele Sestagalli stated his readiness to shut down the project amid a serious split in the community.
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