“Evanesco! » – While the LUNA token of Terra fell by almost 27%, the panic around the MIM stablecoin is gaining momentum. Indeed, following the announcement of the definancing of the asset, the Magic Internet Money is in turmoil. L’QuadrigaCX case would it cause collateral damage to the entire Wonderland ecosystem?
drama in wonderland
the LUNA has lost 27% of its value since last week. This dizzying fall is added to 32% lost compared to the historic high of the token reached at the end of December 2021. The LUNA had however outperformed the market during the downtrend in the cryptocurrency market of December 2021. The value of the asset had moreover experienced a meteoric rise of 133% towards its ATH. In one week, the price of the token TIME also went from about 1,000 to $385.
The Magic Internet Money (MIM) stablecoin, meanwhile, has lost more 40% of its cash. Indeed, its funding has gone from $530 million to approximately $300 million on CurveFinance. The reason for this dizzying fall is probably related to crypto news. Some information reveals that wonderland developers would be involved in theQuadrigaCX scam which dates from 2019.
Many DeFi Wonderland protocol projects – which is the best known of the forks ofOlympus DAO (OHM) – are related to the project Abracadabra (SPELL). It is indeed on this cryptocurrency that the Magic Internet Money (MIM) stablecoin is based. Otherwise, the turmoil around this token is fueled by the fact that all the assets in this ecosystem (MIM, LUNA and TIME) work together.
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In the Wonderland circus, “0xSifu” is not a mime
On January 27, 2022, the crypto-detective zachxbt.eth revealed, on Twitter, to have had discussions with the creator of Wonderland. These exchanges revealed the true identity of 0xSifu, the CFO (financial director) of the project. As we were talking about it a few days ago, the wonderland treasurer is known as the mad hatter in the industry.
In effect, Daniele Sestagalli reportedly confirmed that 0xSifu was the co-founder of defunct Canadian exchange QuadrigaCX. Boomers will remember the sad story of the exchangesince recognized as a scam in the form of ponzi scheme.
The tendency of the moment is at regulation. However, the size organic and poorly regulated of the cryptocurrency market makes it hyper-sensitive to these kinds of discoveries. The volatility digital assets has certain advantages for trading. On the other hand, when she finds herself turned upside down by this kind of information, steep declines are to be expected. Currently, the price of tokens linked to the Wonderland project is paying the price. In the cryptosphere, this is called FUD for fear, uncertainty and doubt (fear, uncertainty and doubt).
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