Michael Patryn, co-founder of bankrupt Canadian crypto exchange QuadrigaCX, has just launched the DeFi protocol UwU Lend.
It reportedly allows users to borrow against the UWU platform token and the algorithmic stablecoin Magic Internet Money (MIM).
According to DefiLlama, UwU Lend has more than $58.6 million in blocked funds.
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Cryptocurrency exchange QuadrigaCX lost access to $190 million in user funds in February 2019, allegedly after the death of its CEO. As a result, the company went bankrupt and closed down.
In June 2020, the Ontario Securities Commission concluded the founder's fraud was the cause of the bankruptcy.