After selling his tokens for 38,000 ETH, ChefNomi apologizes and returns the funds that he obtained. The successful migration of SushiSwap and ChefNomi’s apologies give new impetus to its valuation.

In recent days, the creator and main developer of Sushiswap announced the return of 38,000 ETH, valued at USD 14 million, which he obtained after the sale of the SUSHI tokens that he owned.

The developer, identified as ChefNomi, recently posted the details of the transaction and sent his apologies to all the developers, financiers, and users of Sushi who his actions affected on September 5th.

At the same time, he stated that he will let the community decide in an election how many SUSHI tokens he deserves for having created the project. The community itself would also establish the conditions under which they would do that.

The developer admitted on Twitter that he had acted for the wrong reasons. “I acted emotionally, I was greedy, I was scared. I made bad and controversial decisions, acting under pressure, hurting, and betraying everyone. Sorry,” he said.

To end his comment thread, he announced that he would continue to participate in the technical discussion, in a collaborative and non-leading role. He also said that he will not make decisions or participate in the governance of the platform.

Movement Revalues Token of SushiSwap

On September 11th, the migration of SushiSwap subtracted 80% of liquidity from Uniswap, a decentralized platform for trading DeFi application tokens.

This amount corresponds to about USD 1 billion in liquidity, which now makes SushiSwap the largest decentralized exchange in the world. In light of the facts, there was doubt as to the reliability and credibility of this protocol the week before.

The successful migration, along with Chef Nomi’s apologies, seems to have restored the confidence in this project. The token’s price recently increased by 15%, according to data from Coingecko. On its first day of operation since the migration, SushiSwap reported on Twitter that it had reached USD 273 million in trading volume.

However, the DefiSafety website, which indexes the security level of DeFi projects, still considers it to be one of the least reliable.

Activities that Other SushiSwap Developers and Leaders Do

Adam Cochran, a SushiSwap business investor, and Cinneamhain Ventures partner, recently made two proposals regarding recent events and the future of the platform.

In the first instance, he proposed to buy Sushi tokens again with the ethers (ETH) that ChefNomi returned. Cochran said that ChefNomi returned the equivalent of USD 14 million worth of Ether, but the Sushi fund no longer has the tokens sold on the market. He believes that the community should vote to use part of the returned ethers to buy SUSHI at the market price.

A Twitter user suggested that this transaction should occur under the same terms of the events to compensate for. In other words, it is necessary to buy SUSHI tokens without prior warning, keeping the trading time confidential.

In the second instance, Cochran nominated the developer under the pseudonym 0xMaki to become the project leader. “SushiSwap does not yet have a dedicated full-time team,” he said in a proposal that includes a guarantee of 500 thousand SUSHI. This would be possible if the developer were dedicated to consistently collaborating on the project, according to a budget and a sustainable management plan.

An apparent exit fraud or scam, in which the foremost developer of a project betrayed good practices to the detriment of an entire community, today seems to give SushiSwap one more opportunity to live.

By Willmen Blanco


Please enter your comment!
Please enter your name here