As the dust recedes after a wild scandal rocks the world of decentralized finance (DeFi), questions about a “magical” alternative currency remain in the crosshairs.
Earlier this week, a self-proclaimed “informant on the chain” used Twitter to claim that Michael Patrin was the chief financial officer of Frog Nation, a crypto-protocol group.
Patrin, the former co-founder of the defunct crypto exchange Quadriga CX, is said to have lost $169 million in investor funds.
pseudonym zachxbt TellsAnd
@0xSifu is Michael Patrin co-founder of Quadriga CX. As you might not know, this is Canada, which collapsed in 2019 after its founder Gerald Cotten went missing for $169 million. exchange.
Prior to Quadriga, Michael helped carry out a personal information theft ring called Shadowcrew. [under his previous name Omar Dhanani]..”
Santiment Crypto Insights explains the significance of the revelation, noting that Frog Nation’s finances are currently valued in the nine-digit range.
“Frog Nation is a group of projects working together to advance DeFi and the entire crypto industry.
It currently consists of Abracadabra.money, Popsicle.finance, Wonderland.money and its newest member, Sushi.com.
With all the negativity surrounding Frog Country, it’s no surprise that all related projects are in the red (it’s the worst when we tend to be crypto bears).
Santiment focuses on how the spelling symbol (SPELL) is affected. SPELL is the Ethereum (ETH) token that powers the Abracadabra.money platform. On this platform, users deposit their crypto assets and create a stable currency Magic Internet Money (MIM).
“Given the sheer size we’re seeing, it seems like every SPELL holder is trying to drop it like it’s hot.”
Despite the sell-side pressure, Santiment believes that SPELL can weather the storm as long as King Crypto Bitcoin (BTC) maintains its current price level.
SPELL MVRV7D [market cap/realized cap over 7 days]Measuring the short-term holder’s profit/loss is still outside the danger zone, as all short-term holders are currently experiencing losses and may leave some space before the risks emerge. It appears to be safe and has increased significantly.
However, if BTC continues to sink, it is unlikely that SPELL will maintain its position. “
The future road is Santimento Tells In a tweet, she said Frog Nation is considering the possibility of firing embarrassing Patren.
Under the pressure of the past few days, Frog State creator Danielle Siesta has been conducting a poll on whether to remove 0xSifu.
Currently, 85% say they will replace their mentor, and nearly 15% say they will retain him. “
Spelling coins have fallen steadily this week from Tuesday’s high of $0.0094 to their current valuation of $0.0056.
Bitcoin is up slightly that day, with $37,671 exchanged hands.
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