InsurAce.io — Community Update regarding recent Wonderland issues

The last few days have seen reports and reactions explode regarding the ongoing events at Wonderland. InsurAce.io is dedicated to reducing risk and increasing security for all users and as such felt it was important to issue a small statement regarding the situation.

This week, it was revealed that Sifu, who has been running the Wonderland treasury, was previously the cofounder of QuadrigaCX and has been involved in other occurrences in the past. The initial panic has seen a public statement given from Daniele, one of the leading figures in DeFi and a founder of wonderland, as people have started to question the trust they put into the project.

The story continues to unfold and we will aim to help our community with any questions they may have.

At InsurAce.io, we continue to do our own due diligence. Our commitment towards security is ongoing and we regularly decipher any potential risks or threats on a daily basis.

Our team had investigated into a potential issue with the wonderland oracle module after their liquidity migration from Traderjoe to Sushiswap two weeks prior thanks to a dedicated community member. We tried to contact the wonderland team and founder to take a look on this, but didn’t get it through. From there onwards, we took immediate action to restrict the Wonderland coverage (smart contract cover and $MIM De-Peg covers) on our dApp, hoping that the issue would be. Unfortunately, this was not the case and since then Wonderland has suffered some serious internal trouble.

We may restrict covers from time to time to protect our community and the InsurAce.io protocol.

Anonymity within the crypto space is not generally a bad thing, we should all have such a right. However, there are a few bad actors who take advantage of this. This is why our risk assessment methodology includes checking out the teams of the projects we list and have more prudent scrutiny on the anonymous projects.

We ask our community to reach out to us with any questions they may have on this matter.

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