Justin Sun: Sushi A “Sad Story” But I Have “Faith In DeFi”

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Last Updated on 7 September 2020 by CryptoTips.eu

Justin Sun, the young CEO of the Tron foundation who was making headlines earlier this week when his announcement of the Tron platform’s own DeFi coin called SUN sent Tron through the stratosphere, has reacted on the Sushi debacle.

As readers of CryptoTips know, we had been warning about a possible bubble in DeFi crypto for a while now, and many are now claiming that the 27 million developer coins story of highly popular DeFi coin Sushi were just that.

As Justin Sun wants to launch his own DeFi coin Sun officially on 16 September, it was imperative that he would take a stand in this tale. He therefore stated:

What happened in Sushi is a sad story. I have faith in Defi and believe Defi will be the revolutionary change in financial industry!

Always remember numerous people are building Defi 24/7! We will announce a fund to support the developers to deliver real Defi product on TRON!

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Sushi Chef sells all

Earlier this week, this site reported how Sushi had been called out because its developer had kept 27 million coins to himself which a known analyst claimed he could sell at any time. As the price dropped sharply when the crypto market got caught in a sudden shake off or a small crash if you will (according to many in the crypto world the start of the selloff was caused by a police raid of the Bithumb headquarters), the anonymous Chef Nomi apparently did exactly that and the price of Sushi, trading at $10 just last week, has by now dropped to $2,75.

Still a respectable value for a DeFi coin of only some ten days old of course, but the whole “developer coins” saga raised many questions and left investors wondering whether new projects are safe.

When being asked by his followers as to why he did it, Chef Nomi stated:

People asked if I exited scam. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will help ensure we have a successful migration.

As of today, Sushi’s platform will be taken over by the CEO of the FTX trading platform, Sam Bankman-Fried.