The DeFi space is a strange one, indeed. The most recent hot topic within the industry at large is the founder and head of ShushiSwap (SUSHI), Chef Nomi had admitted to selling his SUSHI holdings. The sale was for approximately $11 million in Ethereum, in total, with the admin rights for SushiSwap being handed over to Sam Bankman-Fried, the CEO of the FTX crypto exchange.
Crypto Twitter Abuzz With Issues
As one would imagine, such a big move from such a big figure has caused an overflow of comments within Crypto Twitter. Many pointed out that the project itself was far too young to have the level of investor confidence it has, to allow so much value to be locked into Sushiswap at large.
Chef Nomi is a strange character, indeed. As highlighted by this tweet, he sold his SUSHI holdings for more than $11 million for his project. As the inevitable backlash and questioning of his motives and reasoning behind him, he dismissed any questions by stated he was, in fact, high on some unknown substance, and thus can’t reason at this moment. This could very well be the first story in the crypto industry of such a high profile individual claiming that he can’t argue because he was too high.
Main Sushi developer made over $11M for selling his one week fork project SushiSwap and his response below is classic: 😂😂😂
“I don’t know. I am high right now.” pic.twitter.com/SSrWoEZzWL
— Tommy Mustache #❤️❤️❤️ (@MustacheTommy) September 5, 2020
Still In It For The Development
With the rampant amounts of Fear, Uncertainty, and Doubt (FUD) surrounding his sudden exit from his SushiSwap project, Chef Nomi sent out a twitter thread going into detail as to how this all came to happen. He claimed that he did it for the community, highlighting the similar events that occurred with the Litecoin project and Charlie Lee.
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
He made it clear that this wasn’t some sort of exit scam from his side, promising that he will still take part in SushiSwap and its development. He stated that he would stop caring about the price of the matter. Instead, he would be focusing in on the technical matters of the migration, itself.
The New Man On The Reins
Sam “SBF” Bankman-Fried, has been transferred admin control of SushiSwap. SBF stands as the CEO of the FTX exchange, and has expressed how grateful he was for being selected as the next leader of SushiSwap. As it stands now, SushiSwap is in the process of integrating new features, as well as migration.
Even Arthur Hayes, the CEO of Bitmex, gave comment about the matter at large. He had earlier made it clear that he managed to lose a large portion of his investments in DeFi thanks to the recent crypto sell-off event. Apparently, the man was done in dirty, mourning his massive losses and begging SBF to “save” Hayes from the financial blunder.