The mysterious founder of SushiSwap - the latest decentralized financial protocol that flourished during DeFi excitement this summer - has sold its shares. Over the weekend, he called himself a "head chef" and withdrew 2.5 million SUSHIs from a decentralized exchange in SushiSwap in exchange for 18,000 ETH - worth about $ 6 million. He also withdrew another 20,000 ETH worth $ 7 million from the same liquidity fund.
The transfer, recorded in Etherscan, came just after the creator of SushiSwap (a fork of the popular Uniswap exchange) was severely criticized for controlling almost half of the system's coins. In a predictive move, a Twitter user named Sasa noted on Tuesday that Chef Nomi's $ 27 million SUSHI is "ready to be dumped in the SUSHI / ETH pool." The price of SUSHI has dropped by less than half in the last 24 hours, from about $ 5 to $ 2.35, since Scheff Nomi's cash outflow - in other words, reduced the amount of SUSHI available for trading with ETH on SushiSwap.
This is the last blow to the unpleasant price of SUSHI this week. The SUSHI price hit $ 10.81 on Tuesday, but has been falling since then, along with the rest of the Ramzar market. This morning, Scheff Nomi ‌ explained in a series of tweets that he has criticized his entire SUSHI because he cares about the community and wants to leave the work to other developers. Instead, he said, he was hastily "blamed and FUDed":
I wrote the immigration code. I did all the audits. I coordinated the largest LP pools. I created a great community. I exposed 100 LP scam projects. All this in 1 week.
Despite opposition criticism, Scheff Nomieh, who has not yet revealed his true identity or whereabouts, claims the move was not an exit plot. He wrote:
I'm still here.
Instead, he compared himself to Litecoinn co-founder Charlie Lee, who sold all of his LTC assets in late 2017, at the height of the Ramsar bubble.