{"id":67712,"date":"2022-09-26T19:36:03","date_gmt":"2022-09-26T16:36:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67712"},"modified":"2025-09-07T08:08:11","modified_gmt":"2025-09-07T05:08:11","slug":"co-founder-of-failed-quadrigacx-launches-defi-protocol","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/co-founder-of-failed-quadrigacx-launches-defi-protocol\/","title":{"rendered":"Co-founder of failed QuadrigaCX launches DeFi protocol"},"content":{"rendered":"

The co-founder of the failed Canadian cryptocurrency exchange QuadrigaCX, Michael Patryn, has launched the DeFi protocol UwU Lend. CoinDesk reports.<\/p>\n

Users can take out loans collateralised by the UWU token and the algorithmic stablecoin<\/a> Magic Internet Money (MIM).<\/p>\n

According to DefiLlama<\/a>, at the time of writing the value of assets locked in UwU Lend exceeded $58.6 million.<\/p>\n

\\\"Co-founder
Data: DefiLlama.<\/figcaption><\/figure>\n

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.<\/p>\n

In June 2020, the Ontario Securities Commission concluded that the bankruptcy was caused by fraud by its founder.<\/p>\n

Later, the Canadian law firm Miller Thomson<\/a> engaged Kroll to investigate QuadrigaCX’s missing assets.<\/p>\n

In 2021, Netflix announced plans to release a documentary film<\/a> about Cotten’s death.<\/p>\n

In January 2022 it became known<\/a> 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.<\/p>\n

Around the same time, his partner Daniele Sestagalli stated his readiness to shut down the project<\/a> amid a serious split in the community.<\/p>\n

Follow ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

The co-founder of the failed Canadian cryptocurrency exchange QuadrigaCX, Michael Patryn, has launched the DeFi protocol UwU Lend. CoinDesk reports.<\/p>\n","protected":false},"author":1,"featured_media":67713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1087],"class_list":["post-67712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-quadrigacx"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=67712"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67712\/revisions"}],"predecessor-version":[{"id":67714,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67712\/revisions\/67714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/67713"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=67712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=67712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=67712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}