SushiSwap Dev Dumps Market, SUSHI Crashes by 50%
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Sept. 5, 2020

SushiSwap's anonymous developer Chef Nomi has swapped all his SUSHI holdings for ethereum (EXANTE: Ethereum).

Such a unilaterally sell-off has already triggered the 50% crash of the token's price.

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Cinneamhain Ventures Partner Adam Cochran says Chef Nomi has allegedly sold half of the funds of the developer fund worth of $27 million.

At press time, the SUSHI token is down almost by 60% and is trading at $1.89, according to CoinMarketCap.

SushiSwap Dev Dumps Market, SUSHI Crashes by 50%

However, not all believe that the SushiSwap developer decided to exit scam as he could simply sell all the assets at the top when Binance listed SUSHI.

"This Move will aid $SUSHI in the long run. He only got 25% of the DEv share he is supposed to get," wrote @markleegeek on Twitter.

Meanwhile, Chef Nomi himself claims he will continue "to drive the project forward."

"Me selling $SUSHI merely affected the overall price (~5% slippage). You will continue to see driving all the efforts. The MultiSig. The Migration. The development. Everything," the developer said.

SushiSwap is a Decentralized Finance (DeFi) protocol based on the Ethereum blockchain and focused on liquidity services.

iHodl earlier reported that the value of funds locked in decentralized finance projects (DeFi) hit a new high after reaching $9.02B.

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