How the Wonderland Project crashed almost 100% within a week, one of crypto's biggest rug pulls.

Built on the Avalanche blockchain, Wonderland (Time) token was supposed to be a next gen stablecoin that was not only decentralized but also claimed to be able to generate over 50000% apy, you read that correctly. It eventually made its way into the top 100 where the euphoria grew even more. At one point one Time token had a price of about $10000 per token at the ath.

Upon digging, crypto sleuths found out that a developer behind the project was also a co founder of a previously defunct crypto exchange known as QuadrigaCX that was based in Canada. That exchange collapsed and it is suspected that about $169 million dollars went missing and unaccounted for. Upon this discovery people acted quickly and got rid of their holdings which resulted in an already more than 30% loss in value within hours that same day.

This resulted in a further cascade as the lead developer responded by saying he's aware of the developer on his teams history but doesn't feel it warrants judging him for it. The token vanished out of the top 100 and today sits at #835 on Coingecko and is worth $12.55 having crashed at over 99%.