FTX CEO Sam Bankman-Fried (SBF) has taken over SushiSwap following the sudden cash-out by project founder “Chef Nomi.”
This comes after the anonymous founder behind the viral decentralized finance (DeFi) project SushiSwap, Chef Nomi, transferred the project control to FTX CEO Sam Bankman-Fried.
This development comes after Sushi endured a troublesome period in the recent past. It crashed by at least 80% after rising from 0 to $10, with the price now at $2.50.
Chef Nomi was understandably worried about the price drop and in a bid to reassure, send the dev funds into a Uniswap Pool and lock the tokens.
After thinking for quite sometime, he changed his mind and converted it all into ETH. He sold at the price of about $3 per sushi, with any new dev funds now to go to a multisig.
“Again I would like to stress. I will continue to drive the project forward… You will continue to see driving all the efforts. The MultiSig. The Migration. The development. Everything,” he said.
“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,” chef Nomi added.