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SushiSwap Chief Returns $14M After Alleged Exit Scam

SushiSwap Chief Returns $14M After Alleged Exit Scam

SushiSwap creator Chef Nomi apologized to the crypto community after Twitterians cried foul when he sold off all of his Sushi (SUSHI) tokens , which he later returned amid community pressure.

Nomi did not expect to pop the piñata when the crypto community was alerted of his action, saying earlier that he did not exit-scammed even though he sold all of the Sushi tokens that he held. He even cited Litecoin Founder Charlie Lee, who did the same a couple of years ago.

However, Nomi’s actions backfired on him; and not just him, but the entire SushiSwap community when the token took a dive as a result.

Chef Nomi also extended his apologies to other figures in the crypto community including Binance CEO Changpeng Zhao. Apparently, Binance listed SUSHI on its platform on September 1, a couple of days before Nomi liquidated his tokens.

Nomi’s tweet was met with different reactions; some expressed support, while others scrutinized him. Still, some posted hilarious comments showing how playful and nonchalant the crypto community can be.

All hype and speculation aside, SushiSwap is considered problematic by many since it was forked from UniSwap, another exchange that offers similar services. Developers found a number of flaws in SushiSwap’s codes, which they reported to the community.

SushiSwap’s case is just one of the issues that are surfacing in the decentralized finance (DeFi) community today. Due to some incidents, people are wondering how decentralized DeFi is. Also, DeFi has become a fertile ground for scammers to thrive in.

As one Twitterian replied to Chef Nomi’s tweets, these events will perpetuate “a view among non-crypto people that this [DeFi] space is a fraud,” and that this is particularly “annoying for those of us who constantly advocate for crypto.”

Nevertheless, Chef Nomi asserted that he will not leave the SushiSwap project, and that he will “let the community decide” how much he deserves as the project’s original creator.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.