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.

AccessTimeIconSep 26, 2022 at 12:15 p.m. UTC
Updated May 11, 2023 at 5:53 p.m. UTC

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.

Users can borrow against an algorithmic stablecoin named magic internet money (MIM). 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 (ETH) 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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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.