Sushiswap Creator Returns $ 14 Million After Community Crits Exit Scam

A week later when the Sushiwaj maker was accused of an exit scam, he returned all the coins he had cashed. The anonymous creator also apologizes to the community, including Binance who came under fire for listing the sushi token.

Sushiswap producer says ‘sorry’

Anonymous Chef Nomi, creator of SushiWap, has returned $ 14 million worth of ETH to the project’s developer fund. Chef Nomi Tweeted Friday:

I have returned all $ 14M worth of ETH to the treasury. And I will let the community decide how qualified I am as the original creator of Sushiwaz. In any currency (ETH / SUSHI / etc). With any lockup schedule you wish.

“To everyone. I kicked ass. And I’m sorry,” Chef Nomi continued. “I want to apologize to everyone who has harassed me. I was emotional, I was greedy, I was afraid.” I took bad controversial decisions under pressure. And it hurt everyone. I have failed your expectation and I am sorry. ”

The Etherscan transaction posted by Chef Nomi shows that 38,000 have been transferred to ETH. Following this news, the price of sushi tokens rose by 25%. The token costs $ 2.67 at the time of writing. Sisiswap, more than two weeks old, is a decentralized finance (Defi) liquidity provision platform derived from Uniswap.

Sushiwaz’s price chart is showing a price jump after the manufacturer announced that it had returned $ 14 million to ETH.

The former head chef of Sushiswap liquidated his sushi holdings on September 5, causing SUSHI’s price to fall by more than 75%. Many people in the crypto space called its action the exit scam. Then, on 6 September, Chef Nomi transferred control of the Sushiwaj project to Sam Banksman-Fried, CEO of FTX Exchange.

In a series of tweets on Friday, Chef Nomi explained that he would “continue to participate in the discussion and technical implementation of sushiwrap in the background.” However, he would neither have any control nor be part of the regime and would not take the spotlight. He wrote: “I hope Sushiwaz will continue to grow. Do not stop my mistake from being a 100% community-driven AMM. The success of Sushiswap will set an example for many community-driven projects. There is a lot of potential in this, let alone my action to not fuck it up.

Chef Nomi also apologized to crypto exchange Binance, CEO Changpeng Zhao (CZ), and Sauravit Suriarakan, co-founder and CEO of Band Protocol. Suryakarna has been accused of being Chef Nomi, which has been denied by both sides. Chef Nomi wrote, “I’m sorry I must have disturbed you.” Binance and its CEO were heavily criticized for listing the Sushi Token during its launch days, even though its founder was anonymous.

Adam Cochran, partner at Sinminthin Ventures, has proposed using some of the 14 million ETHs returned to buy sushi tokens, Banker-Fried tweeted.

Cochran proposed to formally appoint Sushiwap’s general manager and founder as “0xmaki” to lead the project, noting that “Sushiwap currently has no formal full-time team.” This proposal states that 0xmaki will be awarded a “One-Time Founders Grant” of “500k SUSHI Upfront”, and that 500k will be locked in as a Founders Grant over a period of one year. “0xmaki will also receive a 500k sushi payment vested in two years for ongoing work on sushi.” At the current price of $ 2.67 per SUSHI, the upfront payment is over $ 1.3 million, which many on Twitter say Is too much.

Do you think Sushiwap will recover completely? Let us know in the comments section below.

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