SushiSwap Creator Apologizes and Returns 38,000 ETH

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  • SushiSwap creator Chef Nomi has returned the 38,000 ETH he awarded himself 10 days ago
  • Nomi returned the $14 million bounty and apologized for his “controversial decisions”
  • The creator has asked the community to agree on what he should be paid

The creator of SushiSwap, who seemed to have exit scammed last week after selling $14 million worth of SUSHI, has performed a dramatic U-turn and returned the money. In a tweet thread that acknowledges that he “fucked up”, Chef Nomi also admitted that he was “greedy” and “afraid” and has returned the ETH to the SushiSwap treasury and allowed the community to decide how much he should get paid as creator of the protocol.

A Slice of Drama

The SushiSwap drama began on September 5 when Chef Nomi announced that he had swapped the contents of the SushiSwap development fund for ETH, effectively handing himself $13 million. He justified his actions by stating that he deserved the money for creating the protocol, but it was more the way he went about paying himself that riled the community – the price of the token tanked, and many investors lost their shirts.

Nomi handed the keys to the SushiSwap protocol over to FTX founder Sam Bankman-Fried last weekend, which saw the token price enjoy a brief revival, with one of the conditions being the removal of Chef Nomi from any aspect of the project. However, after a week of utterly failing to excuse himself from SushiSwap affairs, Nomi shocked everyone by announcing that the 38,000 ETH was now back with the treasury:

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.

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

In the tweet thread, Nomi claimed to have realized that what he did was wrong, apologizing for his actions and crediting all those who had helped migrate the project over to Bankman-Fried.

Nomi admitted that he made “controversial decisions under pressure” and asked that the community decide how much he deserves to get for creating SushiSwap, rather than him deciding and effectively taking the money out of the till. It is highly likely that he will receive far less now that he would have done had he not conducted a faux exit scam.