Popcorn Time: Crypto Project In Chaos After Co-Founder Outed as Fraudster

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      eridani
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      https://www.vice.com/en/article/epxaww/popcorn-time-crypto-project-in-chaos-after-co-founder-outed-as-fraudster

      An internet sleuth who goes by zachxbt accused one of Wonderland’s co-founders, known as Sifu, of actually being Michael Patryn, the co-founder of QuadrigaCX, a failed Canadian exchange that investigators later determined to have operated as a Ponzi scheme near the end of its life. Although Patryn reportedly left QuadrigaCX in 2016, he has previously been convicted of computer, bank, and credit fraud, spent time in jail, and changed his legal name twice. The revelation shook investors and prompted the protocol’s other founder to call a vote on whether to vote Patryn out of the project, and whether to wind the project down or keep going. /

      Chaos quickly overtook the Wonderland project, which provides an “algorithmic reserve currency” called TIME that is backed by tokens contributed by investors. Wonderland is run as a DAO (decentralized autonomous organization), where token holders can vote on group decisions. The shocking circumstances and weighty choices that faced the Wonderland DAO members were as good a test as any of the promises of DAOs, which are rapidly proliferating and pitching themselves as a new form of governance on the blockchain.

      First, investors overwhelmingly voted to kick Patryn out of the project, ousting him as treasury manager, with 87 percent investors voting in favor of his exit. That was the easy part.

      The vote on winding the project down ended only after a dramatic stalemate, with some investors calling for the project to dissolve and for its treasury of user-contributed funds to be refunded, and others fighting in support of the project. In the end, the grass-roots campaign won by a slim margin, with 55 percent voting to continue. Despite the signal to carry on, what form it will ultimately take is currently unclear.

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

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