Sushiswap Whales Liquidated 1.22M SUSHI Despite Loss Of $1.5 Million

A SUSHI whale has directly erased 1.22 million SUSHI when the coin’s price plummeted due to fraud allegations related to the new CEO of Sushiswap. It is estimated that the loss of this liquidation will exceed $1.5 million.

On October 11, according to on-chain data, the giant whale address (starting with 0xafc0) that accumulated SUSHI recently cleared 1.22 million SUSHI as the coin’s price plummeted.

The average purchase price of this address is $2.61 per SUSHI, and its damage is estimated to exceed $1.5 million.

According to CoinMarketCap, SUSHI is currently quoted at $1.23, down 10.8% in 24 hours.

As was updated in an earlier Coincu News article, one of the reasons for its drop was influenced by rumors of a “crypto fraud” by the new CEO of SushiSwap, Jared Gray. Besides, he was also accused of having sexually assaulted a horse.

Investor confidence in the protocol has increased over the past few months, with SUSHI down 90% from its year-to-date high of $13 in March of this year. Global asset management company GoldenTree has revealed a $5.3 million stake in the token in the decentralized exchange (DEX) SushiSwap. Following the announcement excited investors with a 13% increase in the token.

However, the negative news this time continues to drag this token down sharply once again.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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