In the Crypto World, No Name is Norm
By Space Coast Daily // April 11, 2022
Cryptocurrency can be considered as one of the most significant digital assets all around the world, which is built based on Blockchain technology. Bitcoin and Ethereum are familiar names in the field, and there are about 5000 names within the rotation. Before investing in these coins, one must know the importance of diversification in crypto investment.
The exchanges initiated with the help of cryptocurrency are digital and encrypted. There is no particular organization responsible for the management and values of cryptocurrency. These services are randomly divided among the users using the internet platform. Many people have started to use crypto as a measure to buy even daily goods.
Knowing about Wonderland
■ Wonderland is one of the projects which have been in the market for quite a few months.
■ Millions of dollars have been invested in this field, and you have to look for a sound exchange system in the shady world of crypto.
■ Decentralized finance can be enhanced with the help of cryptocurrency exchanges like Wonderland to a significant extent.
■ The investors who had been involved in this project called themselves the Frog Nation.
■ They had trusted their money with the treasury manager of Wonderland.
■ They did not know the names but rather knew the profile name of the treasurer, 0xSifu.
■ To the surprise of most of the investors, it was found that this individual was Michael Patryn. He had to serve 18 tears in Federal prison for fraud-related cases. The project had to be shut down immediately, which sent the customers into a mad frenzy.
■ Most people who had been involved with the project had been quite sure that things were going to get uglier with time.
■ The crypto industry cannot be blamed for this case, as anonymity was one of the chief features of decentralized finances.
■ No one even knows the actual name of the person who had discovered Bitcoin. He still goes by the name Satoshi Nakamoto.
Anonymity in crypto
■ Years have passed, and thieves and dealers were using crypto as one of their measures to conduct business in the dark.
■ The option to operate without any particular true identity is one of the significant tents which stand the crypto technology.
■ The transactions are all based on entirely decentralized ledger systems. The transactions are altogether nameless, and they can be done without even having a named account.
■ This removes all boundaries present in the traditional state of investment.
■ Cryptocurrency is getting into the mainstream industry very quickly, and they are based on startup founders who are reliant on this anonymity.
■ The growing chain of transactions that are considered significant ones in this particular area is scrubbed off any kind of identity which might alter the information.
■ The venture firms based primarily on large capital funding do not even know the names of the people who are baking their organizations.
Alarm sent by Wonderland
■ Wonderland had been a warning bell. It has shown that the culture of anonymity could lead to severe measures of fraud.
■ The ones involved in other businesses are also determined with pseudonymous names. Even the non-fungible tokens or NFTs are dealt with in the same manner.
■ This act of pseudonymity can be hazardous. One of the investors has stated that the thing might seem adventurous in the initial days, but later, it can be a matter of security.
■ The anonymous crypto investors have their reasons for keeping their names a secret.
■ Most of them have fears of law enforcement.
■ Some do not like the attention is given by the increasing wealth within the society.
■ They fear that this might be a trap that makes them more liable to thieves and hackers. These investors take some drastic measures to keep their identities a secret. They make sure that they are using voice-altering software applications, which can help change their voices when they are in any kind of transaction related to the crypto world.
State of Wonderland Project
■ In the case of Wonderland, it was stated by the chief entrepreneur, Mr. Daniele Sestagalli trusted in second chances. He wanted to give another opportunity for Michael since he believed that people could change.
■ However, the identity was leaked by some other person in the same network. It is unknown who had been behind this leak because all names are simple pseudo names.
■ No one has acknowledged the actual name of the treasurer of Wonderland.
Do you still believe in the state of anonymity held by blockchain technology? Do you think that this will be helpful for investors in general? We are certainly waiting to see the action of the Blockchain network in dealing with frauds caused by anonymity.