Anonymous SushiSwap founder returns 38,000 ETH previously withdrawn to the DeFi project’s development fund

Anonymous SushiSwap founder and former administrator of the DeFi platform under the nickname “Chef Nomi” has returned to the project’s development fund 38,000 ETH (about $14 million at the time of the transaction).

I have returned all the $14M worth of ETH back to the treasury. And I will let the community decide how much I deserve as the original creator of SushiSwap. In any currency (ETH/SUSHI/etc). With any lockup schedule you wish.https://t.co/QwFj5SeeuQ

— Chef Nomi #SushiSwap (@NomiChef) September 11, 2020

Less than a week ago he converted about half of the fund’s assets worth $27 million into SUSHI tokens, crashing the token price by 50%.

Earlier, Cinneamhain Ventures partner Adam Cochran discovered that the wallet is controlled by project leadership, and did not rule out the possibility of a similar dump. The administrator then said that the treasury funds were his share and he could dispose of them at his discretion.

Following the community’s negative reaction to the token sales, Nomi transferred control of SushiSwap to the CEO of the FTX exchange, Sam Bankman-Fried.

«I hope SushiSwap can go on without me. Again, I didn’t intend to cause harm. I apologise if my decision did not meet your expectations», — wrote Nomi at the time.

In discussions about his decision, many users proposed returning the funds to the treasury. Bankman-Fried suggested that the former administrator could do this partially.

Today, September 11, Chef Nomi, having returned the withdrawn funds, proposed that the community decide what share he deserves as the founder of the project. Nomi also said he would agree to any asset-lockup schedule.

He again apologised for his decision to withdraw funds from the developers’ treasury and stated that he would continue to help develop the project but would have no control over it and would not participate in governance.

«I would like to apologise to everyone I caused trouble to. I was emotional, greedy and scared. I made poor, conflicting decisions under pressure. And they harmed everyone. I did not live up to your expectations and I regret it», — wrote him in one of his tweets.

The SUSHI token rose — the price of the coin after the news of the fund return jumped nearly 27% to $2.90 at the time of writing.

Source: CoinGecko.

Recall that on the eve, the new SushiSwap leadership launched the liquidity-pool migration from Uniswap, crashing the volume of funds locked in this DeFi protocol by 76% in 24 hours.

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