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Sifu.
Ring any bells?
Could be the Master Shifu (Red Panda) from Kungfu Panda or the endearing term you call the uncle who gives you more food at the cai fan stall.
Not sure if you know the name.
But Sifu aka “OxSifu”, is quite a controversial character.
Sifu is the CFO of Frog Nation, which led a series of DeFi projects.
He was exposed as Michael, Patryn, the co-founder of QuadrigaCX, “the infamous crypto exchange that lost $190M in customer deposits in 2019”.
We are all wondering how he gotten away with that one.
That is why most people in web3 prefer to remain undoxxed.
Because lord knows what nasty secrets they have and heaven forbid the public from trusting them further.
He rose to popularity because of Time Wonderland, an Olympus fork that operates on the Avalanche network.
If all that meant nothing to you, just imagine this:
Time Wonderland is basically a website where you can put in money and expect more money over time.
Almost like magic, except when it started crashing down like a house of cards.
At the height of the DeFi-Olympus-APY frenzy, Time Wonderland was definitely sitting at the very top.
Everyone wanted in.
YouTube influencers, Reddit trolls, every college kid with a $12 and “savvy investors” all thought it was a breakthrough in DeFi.
I would admit, it certainly caught my attention, and curiosity turned into interest.
And that interest led me to do my own research.
Ultimately, there was too many holes and questions I had from where the yields were coming from.
It truly amazes me how convoluted and creative people can get when it comes to “financialising” money in DeFi.
Everyone was basically explaining and touting how amazing the insane APYs were, without bothering to explain how the yields were generated.
“If you can’t explain where the yields came from, you are the yield”.
So essentially, a glorified, decentralized Ponzi scheme that constantly needed new blood to enter the system.
It was scary how the warning signs were right in our faces but nobody chose to see it.
The Time Wonderland token eventually crashed, eviscerating 95% of its value and suddenly, nobody was interested in it anymore.
Interestingly, Sifu got ousted after getting doxxed.
So what did Sifu do?
He went on to launch his own token called $SIFU.
It is an investment fund and “About 1M tokens are available for sale at $100 apiece, implying a $100M raise if fully subscribed.”
Basically he is asking for people to give him money to manage after being doxxed as someone who clearly has trust issues and risk management problems.
The website is literally a meme galore.
Go check it out!
GUESS WHAT.
People bought it.
Now he is back with UwU lend, a new money market protocol that is forked from Aave.
Crazier still, it has a $55.5M in total value locked (TVL).
He may have a shady past and a shadier persona.
Yet people still gives him the money.
I guess human greed is universal.
The need to make quick money outweighs the need for logic and prudent risk management.
Like FTX, 3AC, Luna/Terra, all the crazy NFT rugpulls and yield farming grifts.
One question lingers with me still: he could have ran away with hundreds of millions after he was doxxed, and laid low, so why didn’t he?
Did he really had a passion for DeFi and wanted to stay in the game after all this commotion?
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Is greed the reason behind all these crypto scams and implosions?
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#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #sifu #sifutoken #quadrigacx #NFT #profits #meme #tvl #defi
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