There’s never a dull moment in the crypto space. At this point, I’m sure you’ve heard about the lead Sushi developer dumping his bags on the commoners. @NomiChef walked away with a solid 20,039 Ethereum from the whole ordeal, not bad if you ask me! Let’s see how the price handled this event.
From a peak of just over $11.00 down to a low of $1.20 – Yikes! Once the news broke of the lead developer selling, it sparked a massive fire sale. As I wrote in this article when Sushi was above $10.00, “All I have to say is this: If it’s too good to be true, it probably is. Manage your risk appropriately”. Head Chef Nomi himself compared his actions to that of Litecoin Creator Charlie Lee.
Many scoffed at NomiChef’s commentary, burnt and butthurt. Of course pitchforks & torches were raised, and the doxxing hunt began. One popular idea floating around is that BAND CTO Sorawit Suriyakarn was the lead developer of Sushi. It got enough attention the BAND team released an official community letter. There’s no concrete proof either way you look at it – just coincidences and speculation.
Humans first reaction is always to point the finger and someone else, when it in reality three fingers are pointed back at you. Remember that old saying? “Don’t invest more than you can afford to lose”. That concept applies 10 fold to anonymous DeFi shitcoins. The risks are on the table – by now you have no excuse when shit hits the fan. Like I said in this YouTube video – EXPECT TO LOSE ALL OF YOUR MONEY IN THESE PROJECTS.