FTX CEO Takes Over SushiSwap Following Master Chef’s $10M+ Cash Out

TX derivatives exchange CEO Sam Bankman-Fried (SBF) has taken over SushiSwap following the sudden cash-out by project founder “Chef Nomi.”

Chef Nomi, the pseudonymous founder of decentralized finance (DeFi) protocol SushiSwap, created a wave of controversy on September 5 after cashing out his entire holding worth over $10 million in ETH. The transaction followed on the heels of criticism from the community after it was revealed that Chef Nomi held nearly half of the coins in the protocol. 

SUSHI, which started as a fork of Uniswap, plummeted in the aftermath of the founder’s withdrawal, dropping from $9.50 to $1.13 and generating outrage across the landscape of decentralized exchanges. 

On September 6, FTX’s CEO published a chain of tweets explaining he had taken over SushiSwap in an attempt to salvage the protocol. SBF praised sushi as a promising automated market maker (AMM) product while blasting the former founder for hurting the DeFi community. 

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