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    Home » Crypto News » SUSHI Crashing Over 50% As Sushiswap’s Lead Developer Sells His Tokens

    SUSHI Crashing Over 50% As Sushiswap’s Lead Developer Sells His Tokens

    Author: George Georgiev

    Last Updated Sep 5, 2020 @ 18:34

    The lead developer behind the popular Sushiswap protocol has sold his tokens, dumping the price by 50% and leaving many investors in dismay.

    This week has been great for SushiSwap’s leading developer, not so much for the token hodlers. A few hours ago, Chef Nomi, the anonymous character behind the project, sold all his tokens and cashed out.

    The self-proclaimed “head chef” sold millions SUSHI tokens over the weekend. 

    Money is a “Distraction”

    Following what many call a rug pull, the token’s price has dropped more than 50%. 

    The move caused strong reactions within the community, especially from critics and analysts who rushed to call the Chef Nomi’s move a kind of exit-scam, especially considering that the project had been listed on Binance, gaining greater exposure among crypto traders and yield farmers.

    How the fuck @binance list this trash? $SUSHI owner dumps the project to zero and claims his Charlie Lee-esque.

    Cool $13M exit scam. No wonder the market is nuking. https://t.co/XFRhBWfM3b

    — LL CAPO DI TUTTI I CAPI (@LLLuckyL) September 5, 2020

    ADVERTISEMENT

    Chef Nomi responded quickly to the criticism using the Charlie Lee card. He explained that he had sold his stash to stop worrying about price and focus 100% on the code —in fact, he explicitly mentioned Charlie Lee and his decision to sell his LTCs before the dump. 

    I did the recent move because I care about the community. I’m taking IL for you. But all I received was blaming and FUDing.

    Here’s what happened. The devshare part of me. I converted them to $ETH. I stop caring about price and I will focus on the technicality of the migration.

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

    Don’t Play with (or farm) Magic Internet Money

    Sushiswap was born as a Uniswap fork, a token swap protocol built on Ethereum. Uniswap awards tokens to participants for providing liquidity in specific pools. SUSHI enables investors to deposit their Uniswap LP Tokens into its smart contract and begin earning Sushi tokens. 

    In a few days, the protocol became one of the most popular DeFi topics in the community, not only among yield farmers but also among those who simply wanted to participate in the latest hot DeFi product, even if it just followed the trend set by Yam, Tendies, and other projects named after different meals.

    However, considering that even the team behind Sushi said it was “one of the most hyper-inflated tokens in its first ~15 days period,” it’s not surprising that, from a financial point of view, they wanted to detach themselves and put less skin in the game.

    Better leave that to the traders. The Chef’s mission will be to write code now… but he’s a lot richer.

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    You Might Also Like:

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      DeFi Dump Begins as Top Tokens Shed 50% in a Week
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      SUSHI Rebounds 190% As Sushiswap Lead Dev Transfers Control to FTX CEO
    • sushi_ftx_migration
      FTX CEO Confirms Sushiswap Multisig Migration, Suggests SUSHI Supply Reduction
    Tags: DeFi
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    About The Author

    George Georgiev
    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

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