Golden Observation | Who is FTX and its founder SBF who have obtained the control of Sushi?

In the past weekend, along with the "skyrocketing and plummeting" of prices, the control of DeFi star Sushi has been settled. On September 6, SushiSwap founder Chef Nomi tweeted that he had sent the SushiSwap time lock management control authority to FTX founder Sam Bankman Fried (SBF) and was transferring control to SBF.

On September 5, several Twitter netizens discovered that Chef Nomi, the anonymous founder of SushiSwap, had sold all the SUSHI tokens in his wallet. The founder sold a total of 2.56 million SUSHI in exchange for about 18,000 ETH (about million dollars)

Chef Nomi’s move triggered heated discussions in the community about whether the project was an “exit scam”, and Sushi also fell sharply. Later, Chef Nomi added that the sale of SUSHI only caused a slippage of about 5% on the price, and he will continue to contribute to the project, including multi-signing, migration and development, but the community seems not satisfied.

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On the morning of September 6, FTX founder Sam Bankman Fried (SBF) posted 16 consecutive tweets pointing out: Chef Nomi’s actions have caused huge damage to both Sushiswap and the DeFi community. They could have persisted for a long time and become an important project core leaders, and then get far more than 5 million SUSHI tokens.

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SBF also stated that he is not a member of the Sushiswap team, but holds some SUSHI tokens. The reason why I was heavily involved in Sushiswap through Sreum (a Solana-based decentralized trading platform launched by FTX) was because the project showed huge earning potential. In addition, this project also highlights the promise of DeFi - quickly building a unified community and full of vitality.

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After being "raged" at the "damage" Chef Nomi "caused", SBF pointed out that as long as Chef Nomi still controls SushiSwap, the project has no future. For the development of Sushiswap, Chef Nomi must relinquish control of all private keys and continue to complete the migration work.

If Chef Nomi can give up control of the private key, then Serum will continue to strongly support Sushiswap's future work, and the proposal to build another copy of Sushiswap on Serum (based on the Solana chain) is still valid.

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Most importantly, if Chef Nomi is willing to do so, SBF is willing to personally contribute 5 million SUSHI tokens to the community. These tokens will be airdropped to SUSHI pledged users after the migration is completed and the integration with Serum is completed.

On September 6, SushiSwap founder Chef Nomi tweeted that he had sent the SushiSwap time lock management control authority to FTX founder Sam Bankman Fried (SBF) and was transferring control to SBF. Since then, Nomi has lost the support of Sushi and the DeFi community, and FTX founder Sam Bankman Fried (SBF) has become a respected person in the migration process of SushiSwap.

Affected by this news, SUSHI quickly achieved a rapid rise.

After the incident, SBF said in an exclusive interview with Jinse Finance that Nomi has lost the support of Sushi and the DeFi community, and the only real way forward for SushiSwap is that he is no longer needed. There are actually many people he can choose from, and I am honored to be one of the people who are admired during the migration process.

Regarding "whether Sushi will create a copy on Serum as previously proposed in the next few weeks", SBF said, I hope it will happen, but this depends on the Sushi community, not me. If the community agrees with my proposal, I will stick to what I promised (airdrop 5 million Sushi to Sushi holders), and I think Sushi still has great potential.

Chef Nomi, the founder of SushiSwap, got off the bus, SBF, the founder of FTX, became a migration advocate, and SUSHI achieved a rapid rebound. For a while, the industry was full of curiosity about FTX and its founder SBF. What are the true colors of FTX and SBF? What kind of background and confidence do you have?

Jinse Finance learned that FTX is a digital asset derivatives trading platform, which was founded in early 2019 and completed a seed round of financing in August 2019, raising $8 million. Blockchain investment funds Proof of Capital, Consensus Lab, FBG , Galois Capita, etc. participated in the investment, and then received a strategic investment from Binance in December 2019, claiming that Binance's investment amounted to "tens of millions of dollars."

FTX’s founder and CEO, Sam Bankman-Fried, graduated from MIT with a degree in physics. Before founding FTX, Sam worked as a trader at Jane Street Capital, a top Wall Street quantitative trading company, mainly trading various types of ETFs, futures, foreign exchange and stocks, and designed an automatic OTC trading system for Jane Street. In 2017, he founded Alameda Research, which became a top quantitative trading company and liquidity provider in the digital currency market in just one year. Then at the beginning of 2019, with the original intention of making a better digital currency derivatives trading platform, he founded FTX.

It is worth mentioning that in the face of the hot DeFi market, FTX founder SBF launched Serum, a decentralized exchange (DEX) based on the public chain project Solana. SBF announced on Twitter that 5% of Serum's native token SRM will be allocated to FTT (FTX platform token) holders. According to the white paper, Serum can provide cross-chain, stable currency, packaged pass, order book and other services. The functional native token SRM to be launched has a total of 10 billion pieces and will not be issued additionally. It can be used for transaction fee income repurchase and destruction, transaction fee discounts, node pledges, etc. When SRM went online, there were 1 billion pieces in circulation, with a circulation rate of 10%, and a linear growth rate of about 15% per year. It will be fully distributed and circulated in 7 years. Currently, Serum has been supported by well-known institutions and individuals such as Solana, Kyber, CMS, 3Commas, Compound founder Robert Leshner, Multicoin Capital, and Robot Ventures.

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