Sushiswap Founder Transferred Control of the Project to FTX's CEO, What's Behind This Event?

Kun Hu   Sep 06, 2020 12:48 1 Min Read

Chef Nomi, the anonymous founder of decentralized exchange Sushiswap, has transferred the Sushiswap control to FTX's CEO. 

This event comes after the "exit scam" speculations in the crypto community after Chef Nomi announced on Twitter:

"Here's what happened. The devshare part of me. I converted them to $ETH. I stop caring about price and I will focus on the technicality of the migration."

Nomi's Twitter post about transferring Sushiswap's control to FTX CEO has caused great concerns and may have substantial impact on the price of SUSHI token.

On its first day in the DeFi market, Sushiswap reached $250 million in total value locked (TVL) in cryptocurrencies. The SUSHI token price has surged from around $0.70 on Aug. 30 to its highest of above $12 on Sep.1 and plunged to $1.20 today.

Regarding the project control transferring, Sam Bankman-Fried, the CEO of FXT, responded with a series of tweets. It was not FTX’s ambition towards decentralized exchange or simply another case of marketing.

FTX was active in the capital market these days. Recently, the firm acquired Blockfolio for $150 million. However, the amount has not been verified by third-party audit companies. The news was disclosed in Blockfolio’s official Medium blog.

Sushiswap's founder, Chef Nomi has remained anonymous, and the relationship between Nomi and the CEO of FTX has not been made clear. Time will tell if this event will revive the Sushiswap project or if it was just an opportunity to sell SUSHI before the token price's second dip.


Image source: Shutterstock

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