Chef Nomi returns $14M worth ETH back to SushiSwap Treasury

Chef Nomi in an apology tweet posted proof of returning 38,000 Ether.

By · Sep 12, 2020 . 8min read

Chef Nomi returns $14M news

If by chance you heard that the anonymous SushiSwap Master Chef Nomi returned to the treasury the $14M worth of ETH sold off earlier, it’s true. Earlier, Chef Nomi sold off his dev reserve sparking outrage within the community.

The Defi Protocol, SushiSwap drama keeps unfolding with new development almost every day as it seems. Chef Nomi whose identity till date hasn’t been officially confirmed in an apology tweet posted proof of returning 38,000 Ether. He appears sober and admits he messed up in the way he went about the dumping the dev reserves.

In a gesture that looks like Chef Nomi puts the community first, which apparently was the mantra pushed in the “fair launch” of the SushiSwap protocol, he says:

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.

How the community decides is still unclear. Apparently, Chef Nomi had witnessed the power of community and its ostracizing punishment. The Chef who got arrogant and wouldn’t mind taking on Hayden Adams, the mercurial Uniswap inventor in a tweet tirade because he recently became one of the most mentioned entities in the DeFi space no longer saw himself relevant. In fact, any time the name “Chef Nomi” was mentioned, it wasn’t because of his code wizardry but that he exited scam. 0xMaki, who was part of the early founders of Sushiswap protocol speaking in a Coindesk interview, expressed his shock at Nomi’s action. In the interview, he stated this about Chef Nomi,

 At the beginning, Chef said that he didn’t come to make fast money, he was thinking about the community … I now think he’s all talk, and I am not sure of his original intention…

Crypto community reacts to Chef Nomi returning funds back to Sushiswap

While many within the space are actively speculating on the reasons for Nomi’s actions, some notable names have commented;

Larry Cermak, Director of Research at The Block publication tweeted quoting Chef Nomi’s thread:

I seriously love crypto. Craziest two months in my life and this is just an amazing story and a cherry on topQuote Tweet

Another random DeFi user tweeted what looks like one of the conspiracy theories flying around that SBF who took over SushiSwap protocol is Chef Nomi,

At least @SBF_Alameda is apologizing

Mick Hagen, founder and former CEO of Mainframe who once indicated an interest in taking the reins of leadership from Nomi said,

He made a really stupid mistake. But he’s trying to fix the situation the best he can. Chef Nomi has returned the funds. The treasury is healthy. The Sushi story is just beginning… $SUSHI@0xMaki@SushiSwapQuote Tweet

Ray Youssef, founder of Paxful, a leading P2P exchange said,

He got doxxed.

Andre Cronje, inventor of the Yield.Finance platform who was also among the names mentioned in Nomi’s apology tweet replied,

Less apology, more coding. Sushiswap needs you. Get back to work and build something that leaves a legacy. You chose Sushiswap over yourself, now just keep building!

SUSHI gained some momentum after Nomi’s action indicating community confidence

SUSHI token price showed some gains after Nomi’s tweet. The token price gained 16% as it went from $2.26 to $2.70 after the tweet. Therefore, SUSHI is currently trading around $2.41 as at the time of writing.

Chef Nomi returns $14M ETH back to SushiSwap Treasury
SUSHI price charts from Coinmarketcap

However, SUSHI is still down 395% from its ATH at $11.93 after Chef Nomi sold off his 10% of SushiSwap protocol.

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