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.
1/4— Adam Cochran (@AdamScochran) September 5, 2020
Why the recent $SUSHI dump? @ChefNomi sold half of the $27M dev fund that he said he wouldn't touch without community approval.
Whether you agree with the action or not, it was done without a community vote and without announcing it to the community. https://t.co/v9QMLhhMt6
At press time, the SUSHI token is down almost by 60% and is trading at $1.89, according to CoinMarketCap.
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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