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Popsicle Finance

avoid.net/popsicle-finance→12/100·82% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·hZDgU6…SuGX

Summary

Popsicle Finance is a cross-chain automated yield optimization protocol, launched in March 2021, that suffered a critical $20.7 million exploit in August 2021 due to a reward-tracking vulnerability in its Sorbetto Fragola pools. The protocol is part of Daniele Sestagalli's 'Frog Nation' ecosystem alongside Wonderland (TIME) and Abracadabra Money (MIM), which was later engulfed in a major scandal when the treasury manager of Wonderland was revealed to be Michael Patryn, a convicted felon and co-founder of the fraudulent QuadrigaCX exchange. The project subsequently rebranded as WAGMI in 2023 but remains a high-risk entity given the severity of the 2021 exploit, the laundering of stolen funds through Tornado Cash, and the broader Frog Nation governance failures.

Connected Entities

1 entities
Protocols
⌂Popsicle Finance
Relationships
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    Timeline(10 events)

    March 2021

    Popsicle Finance launches as a multi-chain automated yield optimization platform with ICE as its native token.

    3 August 2021

    Attacker drains approximately $20.7 million from Popsicle Finance's Sorbetto Fragola pools using a flash loan and reward-debt vulnerability, at 10:53 PM UTC.

    4 August 2021

    Popsicle Finance publicly discloses the exploit. ICE token falls over 55%. Team offers $1 million bounty for voluntary fund return. Stolen funds are laundered via Tornado Cash.

    October 2021

    Popsicle Finance announces nICE token reimbursement plan, funded from founder Daniele Sestagalli's personal token allocation, priced at $29 per ICE token.

    27 January 2022

    ZachXBT publicly reveals that 0xSifu, Wonderland treasury manager, is Michael Patryn — convicted felon and QuadrigaCX co-founder. Daniele Sestagalli confirms the allegation and admits prior knowledge. TIME drops 36%, ICE drops 30%.

    February 2022

    Daniele Sestagalli announces Wonderland's closure, overriding a community governance vote in which the majority had voted to preserve the protocol.

    3 August 2022

    Deadline for nICE holders to qualify for 20% bonus reimbursement by maintaining full nICE balance for one year post-hack.

    8 August 2022

    U.S. Treasury OFAC sanctions Tornado Cash, the mixer used to launder Popsicle Finance exploit proceeds.

    July 2023

    Daniele Sestagalli announces WAGMI, a rebrand of Popsicle Finance, planned for deployment on nine blockchains.

    20 September 2023

    WAGMI token swap goes live; ICE and nICE holders can migrate to WAGMI at a 1:69 ratio. WAGMI launches with approximately $2 million market cap.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain21 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 21 of 25 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:55 AM

    last updated: 9/15/2026, 11:55:17 PM

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