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Co-Founder of Failed Crypto Exchange QuadrigaCX Starts DeFi Protocol UwU Lend
The new platform released by Michael Patryn has already secured $57.5 million in total value locked.
Updated May 11, 2023, 5:53 p.m. Published Sep 26, 2022, 12:15 p.m.
Michael Patryn the co-founder of failed Canadian crypto exchange QuadrigaCX who goes by the moniker "Sifu," has started UwU Lend, a decentralized-finance (DeFi) platform that is a fork of the Aave blockchain.
The project went live on Sep. 21 and has already secured $57.5 million in total value locked, according to DefiLlama.
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Users can borrow against an algorithmic stablecoin named . Decentralized finance refers to a practice of using computer programs called "smart contracts" to carry out various financial activities like lending and borrowing instead of an intermediary like a bank.
Sifu's reappearance comes after a turbulent few years following the collapse of QuadrigaCX. Sifu transferred millions of dollars' worth of ether to now-sanctioned coin mixing site Tornado Cash after his stint as treasurer of the Wonderland DAO, a crypto project that once held over $1 billion in its treasury.
Patryn received a barrage of backlash from Wonderland community members after his identity was revealed, with a public vote to oust him from his role as treasurer securing 87.56% votes.
Wonderland's TIME token was recently trading at $11.29, a far cry from last November when it surged to $9,700 before Patryn's involvement was revealed.
UPDATE (Sept. 26, 12:45 UTC): Removes statement about users being able to borrow against UWU. Updates timeline on Tornado Cash transactions in fourth paragraph.
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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