They advertised backing constantly. I thought the danger was underlying assets falling in value, which wouldn’t happen too much because sifu was such a good treasurer. I also thought there would be a slight delay in buy back which is why I put my price at less than half liq. 22k when backing was 60k. Didn’t think sifu would be unconcious for a good 8 hours. I’ll admit I thought it was a smart contract that managed it. I’m still gobsmacked at their stupitidy if this wasn’t planned / evil cunning if it was planned
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I would rather the treasury sit idle in stablecoins or even whatever it is holding onto now while we search for new management than refund everyone. We’ve accumulated a powerful treasury and I think it is worth the fight to hang onto it.
I’ve lost plenty of money so far on this project. Happy to continue losing in the short to medium term if that’s what it takes. This was always meant to be a long-term project. My time horizon has not changed and neither should anyone elses! WAGMI
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Even when Dani had AMA the day after it. He said the treasury buy backs been activated so it shouldn’t happen again. I had just lost $30,000 the night before. I went bought more to ride with price back up. To be liquidated again a day later. For another 40% swing in minutes
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underlying assets the whole markets been crashing my dude and people left money leveraged and want bailout nah.
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The decision to wind down Wonderland should be based on economic considerations of the value of the treasury now to investors compared to estimates of returns going forward should the fund be kept whole and managed. However, certain issues need to be addressed before confidence to vote against dissolution can be achieved.
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There appears to have been massive manipulation of TIME and wMEMO, leading to mass liquidations, caused in part by poor communication concerning the buyback process. The promise of treasury buyback is essentially a massive buy wall, and a price target below which there is guaranteed profit. Was an attack not foreseeable then? Why was the buyback procedure not in place when the second round of liquidations occurred? This is the only question of concern that I have regarding the Wonderland team as there’s no way to know if internal collusion was involved. The possibility of internal collusion preventing buybacks coordinated with an externally triggered sell-off and liquidation cascade is too serious to ignore. I consider an investigation and a clear statement from the team on this matter to be crucial to maintaining the fund. If this can not be conclusively settled by the Wonderland team, the DAO should seek out a third-party investigation, whether that involves some kind of legal action or what have you.
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A decision on whether to remove Sifu as treasury manager will soon be reached through a vote by the DAO. This is already conclusive and Sifu will be removed. A new treasury management structure will need to be adopted and positions filled.
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Likewise the management or corporate structure has been inadequate. The crypto market is 24/7 and therefore so the fund’s management team must be also. Liquidations could have been avoided had there been someone on watch (this in fact is an additional internal failure, at best simply bad timing, that contributed to the last round of liquidations, adding weight to the need for transparent communication and a conclusive understanding by the DAO of what happened).
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There must be adequate safeguards put in place or otherwise adaptations to the structure of the fund to ensure that attacks or attempts to manipulate the price of TIME/wMEMO can not have the same effect seen lately.
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The decision of whether or not to dissolve the fund should be based on promise of return to investors. An estimate of the current value of the fund to investors should be presented along with a prediction or forecast of performance and returns going forward.
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Even if intentional wrongdoing within the team was revealed, this would only give cause to address the position and responsibilities of those members. The decision to dissolve the treasury should be based on economics and return to investors, and doesn’t need to concern the history or reputation of its management.
In summary, I feel the following items are necessary to vote against dissolution:
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a clear, transparent and auditable report from leadership team describing in full the events contributing to the liquidations occuring on 26th Jan, addressing in detail the issue of why the buyback safeguard was not in place, what caused the price of TIME/wMEMO to crash when it did, why this type of attack was not anticipated, and what steps are required to ensure it can not happen again.
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a decision on the structure of treasury management and how this role will be filled e.g in consultation with the DAO or by appointment, etc
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an updated corporate management structure and plans to fill any additional or unoccupied positions if required and an updated statement regarding the conditions of remuneration for each member.
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a statement containing an estimate of the current value of the fund to investors, and a prediction or forecast of the performance of the fund and what return this will provide to investors going forward.
In conclusion, I have concerns which I would want addressed before I casted my vote against treasury dissolution. That said, I have a great deal of confidence in the leadership team behind Wonderland and fully support their statements of intent. I would much rather contribute to the development of the Wonderland DAO and continue to be part of the movement, than cut and run and wonder what might have been.
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yes, sure ! just for you! If this passes or even if not is the END!
“we would not feel confident to delegate the whole treasury to a non-structured replacement.”
EXACTLY.
This project has way too much negative attention on socials to ever be recovered.
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leave the team in place without bad actor. If you were liquidated that sucks. You signed that loan. if it had gone the other way and i said its not fair you made more money I want what you made…
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Also No unknown personnel on the board, must have bios and actual photos of team.
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DUDE! THANK YOU!!
You are on point
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The only thing that this proposal does in actually is reward the Wonderland management team given their large holdings of wMEMO and other assets. WHAT ABOUT THE INVESTMENT in other COMPANIES the Treasury was used to purchase. THAT NEEDS TO ALSO BE LIQUIDATED BACK INTO THE TREASURY.
Is it fair that Dani and company get to keep all those companies that Wonderland invested in - that’s essentially theft?
I could game the system right now - I’ll just go drop 100K USD on wMEMO today and then get rewarded at backing price - instant money, double my money!!! Everyone else that held on will get screwed because they are still in heavy loses.
The current management team wants to walk away, I get it - its a PR disaster for them. What they shouldn’t be able to do is walk away with any upside that is greater than the distribution of equity that anyone else would get. Hell, they could be buying right now, or right after the vote wMEMO and then get backing price just as I described below.
Will the scams ever stop?
Here is a suggestion. Lock the treasury, open up a class action lawsuit against the owners for wire fraud and anything else they can throw at them. Use the Treasury funds to get this done - we have hundreds of millions of dollars, think the company can afford a couple lawyers and legal fees.
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And you thought you were going to get 80,000% APY returns? I’m sorry that doesn’t suck
Five days is not very realistic for a dispersed community of strangers to come up with a proposal for trustworthy, well-governed team/entity to take over the treasury. I understand that the current Wonderland leadership wants to move on, but they are not providing the holders with any real options.
If you have given up and will wind down the treasury, I don’t think that it is fair to holders to distribute the likely mixed collection of coins that compose the treasury, including complex tokens that some people don’t know how to redeem let alone manage and do not have wallets set up to receive. I think that you need to unwind the treasury over time and return “mainstream” tokens such as Avax or stables.
In addition, this likely is going to rewards the whale(s) that wrecked the project with their attack on the peg if you redeem to current wMemo holders. This would show the worst side of DeFI and only underline the perception that crypto is open to abuse and investors need protection because the industry does not defend the interests of small investors. This is not a matter of people making informed investments that don’t work out. This is a situation where the financial position of a project was attacked and those same individuals can now acquire parts of the treasury at huge discount. Sounds a lot like the ugly side of TradFi.
I’m not sure what snapshot to lean on or whether you have the rights to arbitrarily airdrop to people who may no longer hold wMemo. It just sits badly to think that whoever drove the price down a few days ago may now get a double benefit of acquiring some of the treasury if they have bought wMemo at a discount with some of their winnings from earlier in the week.
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Yup. I actually thought this was a safe project to put my savings in due to its basket of assets. So in a way it wasn’t putting all my eggs in one basket. The only weakness I thought was that the protocol itself might be shady, but when I saw Dani was fully doxxed I was comfortable. Did I ever think Omar Dhanani, the literal biggest exit scammer in crypto was sifu? Not in my wildest dreams. This has been a surreal experience. Especially seeing a Vice article in my feed about wonderland. Truly surreal. Wonderland is a very apt name.
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Totally agree. Dani and Sifu walk away will millions. Dani should pay out of his pocket. Again. Because this his negligence. Again.
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Umm… I wasn’t liquidated.
This is not a good proposal, void of a lot of critical detail needed to make an informed decision. As it stands I’ll be voting no and looking to alternatives. The likelihood is that no liquidation of the fund now would result in a satisfactory outcome. No different to any other distressed asset that goes into insolvency. Owners / creditors will only ever get back cents on the dollar when forced to wind down in unfavourable market conditions.
Instead, if we can come together with some sound proposals that look to manage the existing fund through risk adverse investing then there’s the possibility that everyone can exit at their chosen time (not all at once) with a more favourable return. I’m happy to roll up my sleeves and help contribute towards this.
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How about keep the tresury running with a view to paying everyone back to a better backing. Like before Dani confirmed sifu or even the bsgg snapshot for “the most loyal holders”. Everyone doesn’t need to be paid back at the same time. It would be more work for that lazy pot smoking moron though.
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Yes 100% !!!
People are voting for dissolution impulsively, without even any understanding of what the outcome will be!
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Probably part of their plan as well.
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