Timeline of the Decline
November 2021
$10063.00
All-Time High - Peak euphoria
January 2022
$2000.00
0xSifu identity revealed as convicted fraudster
January 28, 2022
$300.00
Treasury manager exposed, mass selloff
Current
$50.00
Post-collapse trading
What Went Wrong
-
0xSifu Scandal
The treasury manager was revealed to be Michael Patryn (0xSifu), co-founder of the collapsed QuadrigaCX exchange, a convicted fraudster.
-
OHM Fork Fatigue
Wonderland was an Avalanche OHM fork. When the entire rebase token narrative collapsed, TIME fell with it.
-
Treasury Mismanagement
Questions arose about treasury allocations and whether funds were being properly managed or siphoned by insiders.