Hello Wonderland DAO community,
I am coming from WACEO - WACEO is a non-profit organization with a mission to provide regulatory clarity and support to DAOs.
In this dynamic decentralized environment, there are no regulations protecting DAO communities from scams or frauds which leaves space for bad actors to scam, lie or defraud the community. We aim to eliminate such behaviors in the DAO and digital assets environment and to give protection to its members.
Our objective is to safeguard and protect the rights of the DeFi participants and investors, and to create an environment where the investors feel safe and protected against fraudulent activities and are incentivized to keep participating.
In the light of recent events wherein the co-founder and holder of the Treasury of WonderlandDAO whose pseudonym is Sifu has been identified as Omar Dhanani a.k.a Michael Patryn, an ex-convict found guilty of scamming and being involved in an identity theft ring, stolen credit cards, and founding a Ponzi crypto exchange in Canada in the past, has caused a diminution in the value of the TIME token. The discovery led to the massive fall in the price of TIME token causing many investors to pull out of the project and thus, has also negatively affected the credibility of the project.
WACEO has analyzed the wrongdoings of the founders and started preparing litigation against the project founding team and has sought out support of litigation experts from different jurisdictions to be able to support the litigation efforts globally.
As a non-profit organization, our objective is to reverse all profit gains obtained by the team members and give it back to the DAO - this will have a huge impact on the DAO treasury. Further, we will support the DAO structure that will give back the credibility to the project and its investors.
We wish to work with the Wonderland DAO Community members together towards this goal and we seek your support to do so.
The Wonderland founders receive $0 salary and 5% team token allocation, which is then used to pay their teams as well. They have not withdrawn their full token allocation, so I cannot imagine repaying 2-3% of the total wMEMO supply to impact the treasury balance significantly. As this was also used to pay the teams working under them, I’m not sure how Wonderland will continue to run if you are expecting the devs and leaders to work for free.
It seems you have some misleading statements in your proposal.
“founding a Ponzi crypto exchange in Canada in the past”
You are trying to link the actions of his partner to Sifu in some sort of “Guilty by association” indictment. When in truth, Sifu left Quadriga years before the funds went missing. This important distinction is conveniently left out of your “Sizing up” of the situation.
You go on to claim that his doxxing caused the fall of time, when in reality Time had gone through 2 cascading liquidation events due to market conditions outside of anyone’s control which had nothing to do with Sifu’s identity being released. Defi is a place for anonymity by design. Sifu was within his right to withhold his identity, and it was the actions of zachxbt that materially hurt the protocol by releasing his identity. Note that the liquidation cascades occurred on 16th of Jan, and the 25th, and Sifu was Doxxed on the 27th of Jan.
You speak of founder “wrongdoings” as if the team had an active part in the fall in Wonderlands market price. Most major rebasing DAOs suffered the same problems starting with Olympus DAO when a whale sold close to $14m worth of the tokens at once. This started a market panic which affected other DAOs to panic sell, before this concern eventually reached Wonderland. In what seems to be a coordinated action, many sells of $999K and $499K were sold at this time of great fear to cause a panic sell off within Wonderland, which lead to liquidations. Whether these transactions were malicious or not is not known, however these are not the actions of the founders or team, but of market participants.
WACEO doesn’t seem to have any impartiality, but rather a partisan slanted interpretation of the events that took place. Hopefully you actually do your homework on the matter including all transactions that did or did not take place when you conduct your investigation, so that next time you attempt to belabor your point, it has merit.
Well said Jmoney.
Non-profit or not, if your business is in law then your understanding of legal research should be better than this I would hope, this seems kind of scammy to me tbh.
Besides, your actions would not help the investors OR our DAO going forward, if anything I feel this would do more harm than good.
I fully agree with an external audit though
With implementation of fully transparency and prevention of funds to be siphoned.
5% is utterly reasonable there’s no way that will challenge this.
I believe the proposal should focus more upon something viable as an external audit and a contract between us and Wonderland in which Wonderland treasury is deemed as Wonderland investors property and so on.
Exactly, class action lawsuits dont benefit anyone but the law firm. You get pennies on a lawsuit while the law firm pockets 30% of award sum value. So basically they liquidate 30% of the awarding value to themselves and split the remainder minus court fees amongst the class. I run a business i know how lawsuits and arbitrations work. Lawyers are predators. “Except my lawyers, i love my lawyers” lol.
The only thing that needs to happen is a way forward that leads to revenue share of treasury earnings, that is putting our money to work.
Burn all liquidated Wmemo
Support backing price
Do all of that and we will see Wmemo back above 45k short term and 80k mid term.
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