QuadrigaCx Co-Founder Sifu Launches DeFi Platfrorm UwU Lend

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Co-founder of the failed Canadian crypto exchange QuadrigaCX, Michael Patryn who goes by the alias ‘Sifu’ has launched a Decentralized Finance (DeFi) platform dubbed UwU Lend.

The newly launched DeFi platform is a fork of the Aave blockchain. Markedly, the non-custodial protocol which went live only six days ago has secured over $50 million in total value locked (TVL).

Featured on the protocol, is a native token called UwU. Users get to utilize this token to participate in revenue share. The token can be staked in the liquidity provider pool. Specifically, the UwU Lend protocol allows users to receive interest on their deposits and pay interest when they receive a loan from the platform. 

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The platform permits users to borrow against an algorithmic stablecoin known as Magic Internet Money (MIM) from the Abracadabra protocol. Pending loans on the UwU Lend protocol have tendencies to be overpriced with more collateral backing them than debt. No repayment schedule is designed for the borrowers nor do they have a time limit on their loans.

Currently, the maximum supply of the native token is 16 million out of which 8 million units will go for community emission. Furthermore, 4 million UwU belongs to the investor and another 4 million to the team members. 

Is Sifu Involved in Crypto Crimes?

Michael Patryn who has had about two name changes over the years has a record of engaging in financial criminal activities, especially in the United States.

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The UwU Lend launch comes several years after QuadrigaCX collapsed following the death of its co-founder Gerald Cotten. Sifu had also been indicted in the case of Wonderland Ethereum (ETH) cash out worth $5.5M.

Accordingly, he transferred millions of dollars worth of ETH to cryptocurrency mixer Tornado Cash who is already facing sanctions for its involvement in money laundering activities worth over $7 billion. Sifu gained access to these funds with his position as the treasurer of the Wonderland DAO.

Members of the Wonderland community backlashed in and eventually voted him out of the office that he held at the time. In the heat of the case, operations at Wonderland wounded down and the price of its token plummeted greatly. Until now, the price has not spiked up to $9,700 which it was trading before Sifu was exposed.

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