SushiSwap Creator Pulls a Charlie Lee, Sells 2.55 Mln SUSHI Tokens Because He ‘Deserves' The Ether

Not an exit scam, says SushiSwap anonymous creator Chef Nomi who wants to stop caring about price and just focus on the development, and Because he did all the work.

SushiSwap got Sushi dumped.

Today, the token was trading at $4.91 when it started slumping and didn’t stop until it lost about 60% of its value.

At the time of writing, SUSHI was trading at $2.27, as per CoinGecko.

The losses came after Chef Nomi, anonymous creator of SushiSwap, the clone of DEX Uniswap, sold part of the SUSHI tokens allocated for the development of the ecosystem.

Approximately 2.56 million SUSHI, for 17,970 Ether (worth over $6 million), has been sold by him within ten days of the launch of the project. The new dev shares are now under the SushiSwap multisig contract for which the signers are being chosen.

The reason for this, “I stop caring about price and I will focus on the technicality of the migration,” shared Chef Nomi on Twitter while clarifying about his recent move for which he has received “blaming and FUDing” when he is “taking IL for you.”

The anonymous creator says he did not exit scam as he will “continue to participate in the discussion. I will help with the technical part.”

Does this remind you of someone, maybe Litecoin creator Charlie Lee? This is because Chef Nomi did pull a Charlie Lee. “I am still here…@SatoshiLite did that and Litecoin had no problem surviving,” he said.

Lee is infamous for selling all his LTC at the top of the market. And if the community thinks he didn’t deserve the ETH, you better think again and think hard because

“I think my contributions justified that. I wrote the migration code. I did all the audits. I coordinated the largest LP pools ever. I created a large community. I sprung up 100s of LP scam projects. All in 1 week.”

That’s right, he created the idea and the community when the price wasn’t under pressure. And given that it’s an open experiment if you don’t believe in the idea or community, “you are free to leave,” there are “no strings attached.”

“All I can say is if this experimentation goes on to success, you guys know the upside. But if people don't believe in the project, it will fail and we return everything back to the original creator @UniswapProtocol. I am happy with either result,” concludes Chef Nomi.

The project has been going strong, it even surpassed lending platform Aave in terms of TVL, which has now dropped from $1.6 million to $1.1 million.

The community is divided on whether it is a good move or bad. “Sushi exit scam. Incredible. And trying to pretend to be nice. When dealing with magic internet money, the good projects have strong founders or strong early adopters. May sell some at the top, never cash out,” said trader and economist Alex Kruger.

Some even called out exchanges for listing these tokens while others argue that Binance-like exchanges actually give the opportunity to long or short.

Amidst this DeFi mania, from FTX, Binance, Gate.io, to Coinbase, Huobi, and OKEx, everyone has been listing the latest hot DeFi token within days of their launch.

“I don't know what is worse…An ICO company taking 20,000 Ether and not making anything for 3 years and watching their token go down -99%…Or SUSHI founder selling all his holdings for 20,000 Ether to crash the price -99% only two weeks after it was created,” said trader Jacon Canfield.

Also Read: FTX CEO Proposes Deploying SushiSwap to Solana, Votes in Favor

SUSHI Live Price

1 SUSHI/USD =0.6004 change ~ -1.79

Coin Market Cap

85.92 Million

24 Hour Volume

28.13 Million

24 Hour Change

-1.79

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,271FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today