CTO Joseph Delong has officially left SushiSwap to increase the price of the SUSHI pump by 20% … before the dump
Joseph Delong, CTO of SushiSwap, announced his resignation on December 9th. He said that in the interests of the sushi community, after long arguments, he decided to give up.
“The chaos that is happening now will probably not bring the DAO a bright future without a radical structural change.”
There has been a lot of controversy within the sushi community, with allegations from some members that lead developer 0xMaki was forced to leave the company.
In November, a leaked screenshot showed a poll by Delong asking if Maki should leave the core team and take on an advisory role.
Delong has denied claims that Maki has been fired and threatened to resign if the community doesn’t support the current core team. Now that the threat has materialized, he left the company that had recently announced its own NFT and Metaverse platform, albeit in the dark. The project is supposed to be managed by the DAO, but in reality a handful of whales own most of the governance tokens.
Delong also made a proposal to pay core members 200,000 SUSHI (valued at about $ 1 million at the time) but was not approved by the vote to his disappointment.
Delong has been repeatedly accused of personal gain and wasteful spending without community oversight or a board vote. On December 5th, he tweeted a long thread in which he spoke of “unreasonable slander”.
Another proposal was made to reshape the DAO. The proposal, which is still being examined, recommends the creation of a more formal organization to manage the project and use the funds more transparently.
Aaron Brown, an investor, commented that “The power struggles at SushiSwap show that decentralized organizations do not always outperform centralized organizations”:
“The two fundamental problems with SushiSwap were that there was too much self-interest in creating the project and that the incentives were not carefully arranged.”
Price SUSHI pump … then empty
This move seems to have pleased SUSHI traders as the token price has increased by up to 20% in the past few hours.
USHI is currently trading at $ 6 after rising from an intraday low of $ 5.69 to $ 6.82 on the news.
SUSHI was badly hit by the internal war last month and lost almost 50% of its value in 30 days. It’s now down 74% from its March 13th all-time high of $ 23.38.
It’s also important to note that SushiSwap’s MISO platform suffered an exploit and loss of $ 3 million in mid-September.
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