Bankrupt Exchange QuadrigaCX Co-Founder Launches DeFi Protocol UwU Lend

Michael Patrin, co-founder of bankrupt Canadian cryptocurrency exchange QuadrigaCX, has launched UwU Lend, a decentralized finance (DeFi) protocol with its own UwU token.

By data DefiLlama, the project was launched on September 21st. It is known that the maximum number of UwU tokens is 16 million. Borrowers do not have a repayment schedule, and small amounts from transaction fees enter the treasury of UwU. It is worth noting that the founder of the new protocol has already changed his name twice – from Omar Dhanani (Omar Dhanani) to Omar Patrin (Michael Patryn), and then to Michael Patrin (Michael Patryn).

Michael Patrin was convicted at the age of 22 in California for money laundering after pleading guilty in 2005 to conspiracy to commit credit card fraud. In 2007, he pleaded guilty to embezzlement on an especially large scale and computer fraud. Patrin was arrested by the Secret Service as part of the ShadowCrew sting operation.

After serving time in an American prison, the businessman was deported to Canada. Patrin later co-founded the QuadrigaCX marketplace with Gerald Cotten. The entrepreneur claims to have left the exchange in 2016, before it ran into problems after Cotten’s death.

Recall that Cotten did not leave access to QuadrigaCX cold wallets, as a result of which the exchange’s clients suffered losses of more than $ 200 million. According to a CryptoMedication study, the platform became insolvent long before the death of its founder. Therefore, there are suggestions that Cotten could have faked his death.

At the beginning of the year, the Wonderland DeFi protocol community voted to exclude the user under the pseudonym Sifu from the leadership of the project after learning that Patrin was hiding under this pseudonym.