SushiSwap was hoping for a period of stability after the election of Jared Grey as head chef. However, the decentralized exchange found itself in the eye of a storm after extraordinary allegations were made against its new head chef.
Jared Grey has been accused of scamming multiple crypto investors, an allegation he describes as 100% untrue.
Already In Hot Water
Just under a week after SushiSwap announced the election of its new head chef, hoping that it could end a period of instability, the DEX is once again engulfed in controversy. The new controversy arose after the newly elected head chef, Jared Grey, was the subject of extraordinary allegations involving crypto scams and impropriety.
The fiasco began on the 11th of October when a DeFi and ETH enthusiast going by the name YannickCrypto, accused Grey of being part of multiple crypto scams. Crypto Twitter picked up these allegations, as the site lit up with some bizarre accusations against Grey. The new head chef was accused of stealing significant funds in 2019 from a project called ALQO. It was alleged that Grey introduced the Liberio wallet for ALQO, and that wallet was used to steal over 70% of the total supply.
In 2020 it was alleged that Grey rechristened the ALQO wallet to EONS, moving it to an Ethereum-based chain. Additionally, there are also allegations that Grey charged listing fees for an exchange, Bitfineon, which never saw the light of day.
Baseless Allegations
Jared Grey tweeted out against the allegations leveled against him, calling them baseless and 100% untrue. He added that his business partner stole the funds in 2019 while he was working on raising funds for the exchange. Grey pointed to a medium post from the corresponding time, adding that the real scammer was fired from the project, and affected users were reimbursed.
“Today has been interesting. Let me be clear: the accusations towards me are 100% untrue. FYI, in 2019, my business partner stole funds from our community while I was busy raising funds to launch the Bitfineon exchange.”
He also added that he has operated with absolute integrity, stating,
“I have always operated with integrity in this space; you can reach out to anyone I’ve worked with directly over the years. I’ve had business failures, which CT likes to scrutinize, and I’m OK with that because it comes with the territory.”
Viral Marketing?
Other allegations against Grey were more deviant, but Twitter made light of these with a flurry of memes, some of which Twitter has had to censor. SushiSwap themselves appeared to take the animal accusations in jest, posting an emoji of a horse on social media. Some users argued that all this is part of a viral marketing campaign designed to promote the new Sushi stablecoin.
Whether this is part of a viral marketing campaign or not, this latest episode of drama and controversy is why SushiSwap is one of the most contentious projects in crypto. This comes at a time when the project needs some much-needed stability, with its TVL sliding by 87% and falling to under $500 million. This is in contrast with Uniswap, which lost just under 40%.
SUSHI Plummets
SUSHI, SushiSwap’s native token, has seen a significant drop in value amidst the wild allegations leveled against the new head chef. The token’s value has dropped over 10% in the past 24 hours. Currently, the token is trading at $1.27, a far cry from its all-time high of over $23, which it registered back in March 2021.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
