Fresh Sushi Buyback? Chef Nomi returns all funds

Much to the surprise of everyone, SushiSwap’s founder and former head chef, has returned all the funds to the community. After being accused of an exit scam, the anonymous developer, only known as Chef Nomi has returned $14M back to the project’s development fund. As a result, the community is voting to immediately buyback SUSHI tokens from the market.

Chef Nomi apologized over twitter

In a Twitter thread posted on September 11th, Nomi admitted that he had made a massive mistake. While apologizing to the community as a whole, Nomi addressed several key industry leaders directly. He summarized that he had made bad greedy decisions under pressure. Additionally, he mentions that DeFi is amazing, and he did not mean to damage the movement.

In response to Nomi’s actions, FTX exchange CEO Sam Bankman-Friend, who now leads the SushiSwap project said:

“I’m extremely happy that Nomi returned the ETH; it was the right thing to do. We shouldn’t forget what he did, but we also shouldn’t forget that in the end he did the right thing.”

Nomi also stated that after the successful liquidity migration, SushiSwap’s journey was only just beginning. However, if the community decides to forgive him remains to be seen. Many investors were burnt by Nomi’s market dump causing SUSHI’s price to tumble. And even a successful SUSHI buyback plan might not restore this damage.

Catch Up With The Tale:

• Yield Farmers Devour Sushiswap: $250 Million Locked
• SushiSwap Update: Exit Scam? Takeover?
• Vampire Bite: SushiSwap leaves Uniswap behind

Sushi Buyback?

The former Sushi leader mentioned that he/she plans to help the project in the shadows on the tech side without getting involved in the limelight. And that they would let the community decide how much they deserve, in any currency with any type of lockup schedule.

However, it seems Nomi may have to wait for now, as the community’s initial reaction is to start a SUSHI buyback program. This would replenish the dev fund with SUSHI instead of Eth, as it was originally. Expect price movement!