Guess who is back?
Well, it is none other than Chef Nomi aka @NomiChef👨🍳
who disappeared shortly after selling $14M of SUSHI developer funds, without the approval of the community. Later, he was seen justifying his sale in a series of tweets stating that he rather deserved that amount as compensation to his contribution towards the SushiSwap Protocol which is a fork of the popular Uniswap Protocol.
The crypto community called it an Exit Scam and I talked about it in detail my earlier post The Chef who sold his Sushi
Fast forward to today, suddenly out of nowhere Chef Nomi decided to make a come back and return $14M back to the SUSHI Community.
He announced it via a series of tweets. His tone was apologetic and he accepted that he acted in self interest. It seems kinda obvious that he was both under immense pressure from the crypto community and he was also concerned about the fact that he was doxxed which could end his career. The tone clearly suggests that he caved in.
He also asked for apology from his co-developers of the SUSHISwap project 0xMAki and the likes and also from biggies like CZ of Binance and Hayden Adams of Uniswap.
He also thanked SBF Alameda of FTX to get SushiSwap back on track after his sudden exit and other signers of the project and then he went on to post proof of the transaction where he transferred $14M back to the Sushi Community Fund.
That $14 Million is 38000 Ethereum - Yes, you heard it right 38000 $ETH
Right after Chef Nomi tweeted about returning $14 Million, the price of $SUSHI token went up both on short-covering and fresh longs.
Then came a proposal to re-buy $SUSHI with the returned funds.
The proposal was then put up for voting and at the time of writing majority of the people who voted were of the view of using 100% of the Ethereum to buy back $SUSHI tokens from the market.
With all the drama unfolding on twitter like a Netflix thriller, I decided to go ahead and dig up on Crypto Twitter's reaction. What I found out was quite interesting. Everyone had their own unique take on it.
Summary of Crypto Twitter REACTIONS:
(1) Andre Cronje's reaction (founder, Yearn Finance)
(2) Larry Cermak's reaction (Director of Research at @TheBlock)
(3) Mike Novogratz's reaction (CEO, Galaxy Digital)
(4) Meltem Demirors's reaction (coinshares.com)
(5) Alistair Milne's reaction (Altana Digital Currency Fund)
(6) Boxmining's reaction
(7) Anthony Sassano's reaction (Founder of The Daily Gwei)
(8) Degen Spartan's reaction
(9) Ryan Watkins reaction (Research@MessariCrypto)
(10) 0xMaki's reaction (co-founder at @SushiSwap)
On a lighter note, there was this hilarious video posted by Aditya Singh on the situation.
There were also some conspiracy theories doing the rounds. Not one not two but many. Below are a few one that I found interesting:
Chef Nomi talking like someone who just got a $20M check deposited in his bank account
— moon is tweeting (@MoonOverlord) September 11, 2020
It's amazing how fast people apologize after being doxxed. https://t.co/CWffAyoKjT
— alp (@alpacasw) September 11, 2020
And then finally the ultimate conspiracy theory by @loomdart that there is no conspiracy at all.
That's it folks on the SUSHI SAGA.
I will keep you updated on further developments in the crypto space. If you are reading this outside of HIVE and would like to post your views on SUSHI, create a HIVE account here https://peakd.com/register?ref=yellowdoodle and post your views in the comments section.
Thank you
Regards, Yellow
Excellent summary, Yellow - thanks for putting this together. I'd been seeing chatter about this on Twitter & Telegram, but hadn't had a chance to dive in & figure out what was what. I appreciate this overview, and it will be interesting to see what happens from here on out.
I completely agree, Traci. Yellow has done a great job summing up this crazy story. Myself and a few friends were just trying to get into farming SUSHI, when Chef Nomi started selling off the developer stack. It was an extremely unfortunate timing for me and my friends, but hopefully the price of SUSHI will bounce up, if the community to votes to buy it back, and then we will still see some profits from the SUSHI we farmed…
You are welcome Traci
Happy Weekend 😃
Great summary and write-up about this summer crazy story !
This is some kind of movie 🎥!
Upvoted fully by @hodlcommunity
Thank you :)
Yeah, it is indeed like a movie :)
Thank you so much for a great summary and the chronology of the events! Very enlightening and entertaining at the same time! 👍
You are welcome:)
glad you liked my coverage!
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