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HomeNewsSushiSwap Founder Sells SUSHI Holdings Worth $11 Million in ETH

SushiSwap Founder Sells SUSHI Holdings Worth $11 Million in ETH

The founder of SushiSwap (SUSHI) Chef Nomi recently sold his SUSHI holdings worth about $11 million in Ethereum. Now, administrative rights for SushiSwap have been transferred to Sam Bankman-Fried (SBF), the chief executive officer of the FTX crypto exchange.

The recent sale has generated a lot of reactions from Twitter users. Many commented on the alarming rise of the new decentralized fiancé (DeFi) protocol. Some even said it is too new for the high level of confidence investors have in it.

As users challenged Nomi on the twitter app, he :

“I don’t know. I’m high right now. Can’t have much reasoning.”

Nomi has however taken to Twitter to give on the reasons behind his action. He said the recent move should be appreciated and not condemned. He also included in the twitter thread that he sold his SUSHI share because of his care for the community. He added:

“People asked if I exited scam. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will ensure we have a successful migration…”

Furthermore, Bankman-Fried, who now has the admin rights of SushiSwap expressed his gratitude to be the new leader of the DeFi protocol.  In a recent , SBF revealed the forty-eight hours countdown to SushiSwap migration. He also said that he will be giving 1m SUSHI to “those who keep staking through.” 


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