{"id":28246,"date":"2020-09-05T19:10:28","date_gmt":"2020-09-05T16:10:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28246"},"modified":"2025-08-27T10:32:21","modified_gmt":"2025-08-27T07:32:21","slug":"sushiswap-administrator-triggers-50-drop-in-token-price","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sushiswap-administrator-triggers-50-drop-in-token-price\/","title":{"rendered":"SushiSwap administrator triggers 50% drop in token price"},"content":{"rendered":"<p>The price of SushiSwap\u2019s DeFi platform token over the past 24 hours <a href=\"https:\/\/www.coingecko.com\/en\/coins\/sushi\" target=\"_blank\" rel=\"noopener noreferrer\">fell by 50%<\/a> \u2014 from around $4.60 to $2.26.<!--more--><\/p>\n<p>Adam Cochran, partner at Cinneamhain Ventures <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1302216561269379072?s=21\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> that the SushiSwap administrator sold half of the dev fund&#8217;s assets worth $27 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">1\/4<\/p>\n<p>Why the recent <a href=\"https:\/\/twitter.com\/search?q=%24SUSHI&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$SUSHI<\/a> dump? <a href=\"https:\/\/twitter.com\/ChefNomi?ref_src=twsrc%5Etfw\">@ChefNomi<\/a> sold half of the $27M dev fund that he said he wouldn\u2019t touch without community approval.<\/p>\n<p>Whether you agree with the action or not, it was done without a community vote and without announcing it to the community. <a href=\"https:\/\/t.co\/v9QMLhhMt6\">https:\/\/t.co\/v9QMLhhMt6<\/a><\/p>\n<p>\u2014 Adam Cochran (@AdamScochran) <a href=\"https:\/\/twitter.com\/AdamScochran\/status\/1302216561269379072?ref_src=twsrc%5Etfw\">September 5, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>Why did the SUSHI token dump happen? \u2018Chef Nomi\u2019 sold half of the $27 million in the developer fund. He had previously said that he would not touch them without community approval. Whether you agree with his actions or not, this was done without a community vote and without announcement.<\/p>\n<\/blockquote>\n<p>To support his claim, Cochran attached a tweet from the SushiSwap administrator, in which he said that he had indeed converted the coins into Ethereum. Also, \u2018Chef Nomi\u2019 sought to reassure the community that he is not leaving the project, but rather remains committed to its development.<\/p>\n<p>Cochran cited details of recent transactions from the administrator:<\/p>\n<ul>\n<li>withdrawal of 2,558,644 SUSHI and 20,039 ETH from the Uniswap liquidity pool;<\/li>\n<li>conversion of 2,558,644 SUSHI into 17,971 ETH.<\/li>\n<\/ul>\n<p>According to the Twitter account @CryptoCobain, 80% of SushiSwap community members remain optimistic. Some urge the \u201cchef\u201d to buy back the coins.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">SushiSwap dev dumps $8m of tokens on the market.<\/p>\n<p>The hopium of a -80% community is on display. <a href=\"https:\/\/t.co\/1mGfV623Ok\">pic.twitter.com\/1mGfV623Ok<\/a><\/p>\n<p>\u2014 KING CO\u0e3fIE (@CryptoCobain) <a href=\"https:\/\/twitter.com\/CryptoCobain\/status\/1302247862621949953?ref_src=twsrc%5Etfw\">September 5, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, partner Cinneamhain Ventures <a href=\"https:\/\/u1f987.com\/en\/news\/investigation-finds-sushiswap-protocol-administrator-holds-27m-in-native-tokens\">warned<\/a>, that \u201c\u2018Chef Nomi\u2019 could dump $27 million in the native SUSHI tokens in his wallet at any moment.\u201d<\/p>\n<p>At the same time, the SushiSwap administrator stated that the aforementioned sum represents his stake, which had been contemplated from the outset:<\/p>\n<blockquote>\n<p>\u201cTheoretically I could sell them all, but I don\u2019t see anything wrong with that. It\u2019s not that I\u2019m hiding it or anything of that kind. I will also spend some of them on two audits and grants.\u201d<\/p>\n<\/blockquote>\n<p>Earlier, SushiSwap clone tokens <a href=\"https:\/\/u1f987.com\/en\/news\/pizza-and-hotdog-not-sushi-native-tokens-of-sushiswap-meme-clones-crash-to-zero\">slumped to zero<\/a> after a brief pump.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of SushiSwap\u2019s token over the past 24 hours fell by 50% \u2014 from around $4.60 to $2.26.<\/p>\n","protected":false},"author":1,"featured_media":28247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1379],"class_list":["post-28246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-sushiswap"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=28246"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28246\/revisions"}],"predecessor-version":[{"id":28248,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28246\/revisions\/28248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/28247"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=28246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=28246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=28246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}