Popsicle Finance
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 12 → 50. Problems weighed by who is responsible: concerns that are not fraud −9.6, incidents the subject suffered −6.4, problems around the subject, caused by others −3.2; legitimacy credit long-running +4. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.6 |
| Incidents it suffered (e.g. hacks) | -6.4 |
| Problems around it, caused by others | -3.2 |
| Long-running | +4 |
| Sum | 50 |
Score: 50/100 (kept between 0 and 100)
How scoring works →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
9 entities · 60 linked investigations- Abracadabra Money→mentioned with→QuadrigaCX(75%)
- Abracadabra Money→mentioned with→ZachXBT(65%)
- Abracadabra Money→mentioned with→Ethereum(65%)
- Abracadabra Money→mentioned with→Uniswap(60%)
- ZachXBT→mentioned with→Ethereum(70%)
- ZachXBT→mentioned with→Binance(60%)
- Fantom (Sonic Labs)→mentioned with→Binance(60%)
- Binance→mentioned with→Ethereum(65%)
- Popsicle Finance→mentioned with→Fantom (Sonic Labs)(70%)
- QuadrigaCX→mentioned with→QuadrigaCX / Gerald Cotten(85%)
- + 11 more
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.
Decision Log
- slot 455358429 · hash 7SBXuNmnWsHiMecscG6VsCsxSbaHftpD9H19MCbVgUwL
- slot 421258832 · hash FNNok9rfR6szs3ouPQGwBtrjq79tnk8xdhmYC9pB3gh5
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 21 of 25 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:55 AM
last updated: 10/10/2026, 6:40:10 PM
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