SushiSwap Creator Returns $14 Million Following Backlash

By Abhimanyu Krishnan | News | 14 Sep 2020


On September 11, SushiSwap creator Chef Nomi returned nearly $14 million in SUSHI tokens that was stored in the project’s treasury, after receiving criticism for the large transaction and its after effects.

  • Chef Nomi transferred 38,000 in ETH back to the treasury, and said that he would “let the community decide as the original creator of SushiSwap”
  • Chef Nomi sold SushiSwap tokens allocated for development on September 5 and converted them to ETH
  • The sale resulted in the token’s price falling by 73%; following the return of tokens, the price has jumped by 16% to $2.25 (at the time of publishing)
  • Following this, Chef Nomi transferred control to FTX CEO Sam Bankman-Fried, who then handed control over to the community

Related Reading:

How do you rate this article?


9

0

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


News
News

Official Publish0x Crypto News Channel

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.