SushiSwap creator sold his tokens, the price collapsed by 50%

CONTENT

  • Founder of SushiSwap, Chef Nomi, sold his developer tokens

  • The crypto community was quick to accuse the project of an exit scam

  • In early September, the coin was listed on Binance

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Crypto investors who warned of the DeFi bubbleDecentralized finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and … More bad news, rejoice in their righteousness. Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More projects with the gastronomic name SushiSwap ended up on a cutting board.

Many believe that the anonymous founder of SushiSwap, Chef Nomi, made an exit scam. He sold SUSHI tokens in the amount of $ 8 million and thereby collapsed its value by 50%.

Source: CoinMarketCap

Economist and trader Alex Kruger noted:

The founder earned $ 14 million in two weeks, the speculators lost the same. Sad.

SUSHI PRICE PREDICTION 2021 – SUSHISWAP TOKEN PRICE FORECAST 2021

Read more about the SushiSwap project, as well as about the concept of profitable farming in our materials..

What happened

Medium user Sillytuna posted a post detailing what happened:

  • NomiChef has activated the proposal to migrate the SUSHI / ETH pool from Uniswap. Liquidity providers receive 48 hours notice of migration.
  • Without warning, sold 19,430 ETH SUSHI tokens from the SushiSwap developer pool and then placed them along with the corresponding SUSHI amount from developer funds in the SUSHI / ETH pool.
  • He ignored all community discussions about the initiative..
  • He ignored all test requests, including testing the migration procedure.
  • He did it right away, without forming a multisig to manage contracts and the developer pool..

The SushiSwap team confirmed the token sale by tweeting:

Many in the #SushiSwap community were interested, so that’s the truth. Let’s not deny, we sold developer tokens, now the fate of SUSHI is completely in the hands of the community.

SushiSwap creator sold his tokens, the price collapsed by 50%

SushiSwap is a Fork In the cryptocurrency world, a fork is essentially a change to the blockchain protocol. Since cryptocurrencies operate in decentralized networks, all parties … More of the Uniswap project, which was born at the end of August, and in early September, was already listed on Binance. FTX has also added SUSHI to the list of available assets. Twitter user @Crypto_Ed_NL has lashed out at major exchanges for adding hot coins to their listing. It is unlikely that all of them, unlike serious projects, are properly tested..

IMO a bad look for several big exchanges, rushing to get this shit listed while other legit projects dont get listed, have to pay big fees and or have to undergo long selection procedures.
What was the reason for fast listing and what research has been done to check this $ SUSHI? https://t.co/an50KpyHzT

– Crypto_Ed_NL (@Crypto_Ed_NL) September 5, 2020

Meanwhile, the creator of SushiSwap, Chef Nomi, tried to convince the community that there was no exit scam, because he (or she, and maybe even they) is still here..

Altcoin Gem SUSHI (SushiSwap Price SURGING)

People asked if I exited scam. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will help ensure we have a successful migration. @ SatoshiLite did that and Litecoin had no problem surviving.

– Chef Nomi #SushiSwap (@NomiChef) September 5, 2020

Comparison with Litecoin

Moreover, Chef Nomi did not hesitate to compare himself with Charlie Lee, the founder of the eighth largest Litecoin by capitalization. At the peak of the 2017 cryptocurrency boom, Lee sold all of his LTCs. Almost three years have passed, and he still has to make excuses for his decision..

@SatoshiLite = @NomiChef

– Mike Novogratz (@novogratz) September 5, 2020

The Twitter community immediately accused Chef Nomi of the exit scam, and some spoke out in defense of Lee, who, by the way, also borrowed the code from bitcoin for his coin.

@SatoshiLite was at least bold enough to develop @litecoin for years

This Chef got a perfect idea from @lawmaster and can’t even sit tight for 2 weeks

Huge value destruction for @SushiSwap & himself. Could’ve made a big #DeFi name & huge fortune. Now ppl rem u for exit scam https://t.co/7Y1kmKgdKC

– Kenneth (@ cryptokenneth01) September 5, 2020

 

Investors who have invested in SUSHI are already demanding their money back. Some have spent thousands of dollars on hot tokens.

Disclaimer

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SushiSwap creator sold his tokens, the price collapsed by 50%
SushiSwap creator sold his tokens, the price collapsed by 50%
SushiSwap creator sold his tokens, the price collapsed by 50%

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