SushiSwap Dev Dumps Market, SUSHI Crashes by 50%
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5 September
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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%
coinmarketcap.com

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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