CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$46,573.00
  • ethereum
    ETH$1,445.68
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Breaking: SUSHI Lead Developer Returns $14 Million Worth of ETH

    Breaking: SUSHI Lead Developer Returns $14 Million Worth of ETH

    Author: George Georgiev

    Last Updated Sep 11, 2020 @ 15:58

    The former lead developer of Sushiswap, Chef Nomi, has returned $14 million worth of ETH to the protocol’s treasury.

    In a somewhat completely unexpected turn of events, the former lead developer behind the Sushiswap protocol has returned $14 million worth of ETH to SUSHI’s treasury.

    This comes six days after the anonymous Chef Nomi depleted the development fund and sold it for ETH, basing his merits on the fact that he deserved that money for his hard work.

    Chef Nomi Returns $14M Worth of ETH

    To reiterate something we’ve touched upon countless of times – there’s never a boring day in the cryptocurrency field.

    Just six days ago, the anonymous then-lead developer of the Uniswap fork, SushiSwap, drained out the development fund and sold SUSHI tokens worth millions of ETH.

    The community condemned his actions as an ‘exit scam.’ He was quick to react and transferred the admin control to FTX CEO, who then migrated it to a community-owned multi-signature wallet.

    In any case, what’s done is done and many thought that Chef Nomi would be living the good life going forward.

    Today, however, he came back, letting everyone know that he has returned $14 million worth of ETH to SUSHI’s treasury. Instead, he said that the community should decide how much he gets rewarded for being the original creator of Sushiswap.

    “I would like to apologize to everyone who I have caused troubles to. I was emotional, I was greedy, I was afraid. I mad bad controversial decisions under pressure. And it hurt everyone. I failed your expectation and I am sorry.” – The former lead developer said.

    SushiSwap Going Forward

    Ever since Chef Nomi transferred the control over to Sam Bankman-Fried, the protocol carried out the planned liquidity migration away from Uniswap.

    Commenting on the matter, Chef Nomi said:

    SUSHI migration went successfully and the journey of SushiSwap began. I was fortunate to have a chance to help in the background and it was a very enjoyable moment in my life. Congrats for the successful migration.

    CryptoPotato reported earlier in the week that SushiSwap actually had more liquidity locked in it than Uniswap.

    In any case, it’s interesting to see how the project will develop from here and whether or not this act will be considered a further vote of confidence.

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • sushi_transfer
      SUSHI Rebounds 190% As Sushiswap Lead Dev Transfers Control to FTX CEO
    • band_protocol_sushi
      Band Protocol's CTO: I Am Not Nomi Chef (Sushiswap Lead Developer)
    • sushi_crash
      SUSHI Crashing Over 50% As Sushiswap's Lead Developer Sells His Tokens
    Read more on: DeFi

    About The Author

    George Georgiev View more posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

  • bitcoin
    BTC$46,573.00
  • ethereum
    ETH$1,445.68
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!