0xMaki, a co-founder of Sushiswap, has been removed as the project lead at the main decentralized exchange.
On September 18, the project’s pseudonymous developer announced his departure from the project through Twitter. Why 0xMaki, who is the most significant person in the Sushi ecosystem, is departing is unclear. Even though he will no longer be the project lead for the DeFi protocol, 0xMaki will continue to advise Sushiswap, a decentralized exchange, liquidity miner, and yield farm.
The project’s founder, Chef Nomi, raised concerns in the DeFi community when he withdrew $14 million in treasury funds, effectively pulling the rug out from under its users. 0xMaki took over as project lead last year, shortly after Chef Nomi, the project’s founder, raised concerns in the DeFi community after he withdrew $14 million in treasury funds, effectively pulling the rug out from under its users.
Even though Nomi eventually refunded the funds, the protocol’s image was tarnished, and the Sushi token dropped by more than 50%. After Nomi was dismissed in September of last year, 0xMaki took over as project head at the protocol.
Sushiswap had considerable growth under 0xMaki’s leadership, as the exchange expanded its product offering to include leading and staking goods. As a result, sushi is now the ninth biggest DEX, with $4.49 billion in cryptocurrency in its liquidity pools.
When 0xMaki was deleted from Sushiswap’s multi-signature wallet on September 14, DeFi enthusiasts realized something was up. Before a transaction can be performed on the platform, a multi-sig wallet usually requires several signatures.
SushiSwap has sparked a lot of debate.
0xMaki stated he denatured, but he didn’t reveal a $3 million hack on MISO, a Sushi-based token sale platform. MISO, a token platform for the popular DEX SushiSwap, was hacked for more than $3 million in Ethereum on September 17. Shortly after the hack, the money was refunded.
In September of last year, Chef Nomi, the originator of Sushiswap, was caught in a rug pull scam. The developer withdrew $14 million from the project’s investors, infuriating many in the SushiSwap community.
But it didn’t end there. 0xMaki, a co-founder of Sushiswap and CEO of bitcoin exchange FTX, offered to take over the project.