Sushi’s September Drama

SushiSwap is never short of drama, Sushi’s Miso platform was exploited at the frontend level by a contract employee who stole 865.8 ETH. Their Co-founder and project lead 0xMaki has stepped down to an “advisor” role. Tension temperature rising with Uniswap camp. All of it is just like last September.

MISO is an IDO for bootstrapping. Communities or projects can fundraise in a decentralised Auction model which encourages participation. ​​There are currently three market types available on MISO

- Crowdsale

- Dutch Auction 

- Batch sale

Let’s dive deep into how wild and crazy speculation goes. On September 16 Miso auctioned a meme NFT project by “JayPegsAutoMart” called “Kia Sedona NFT” and participants will receive $DONA tokens depending on the pool share after the Auction.

Surprisingly, it raised a whopping 864.8 ETH, which neither Sushi nor the project team received. It seems it was routed to their front end developer’s wallet.

It didn’t take long to spread on crypto Twitter Sushi’s CTO Joseph Delong announced by tweet thread calling out the dev with his Github & Twitter handle.

He also added that he has requested KYC information from Binance and Coinbase along with a legal case against him for the exploit if the funds were not returned on September 17th before 8 am ET.

As things escalated quickly, the suspect replied with a hilarious tweet 👇.

Though it would seem to be going nowhere in terms of negotiation, the exploit soon got resolved and funds were returned in 3 batches to the Sushi Multi-sig wallet.

UNI v3 Sushi back 2 Square 1

Sushi was a Uniswap fork that grabbed attention when it vampire attacked Uni and soon found its founder Chef Nomi rugged them with 38000 ETH, which he later returned. All of this happened exactly this time last year in September. The 1st anniversary is not going well for them at all. Their new product “Trident”, which seems to be a spin-off of Uniswap V3. Aiming at concentrated liquidity that allows users to provide LP in a narrow price range for maximising fee gains if used strategically.

The tweet from 0xtuba to check the codebase of “Trident” concentrated liquidity was hit hard.

Please go through that thread for your evaluation, it’s a clash of top guns.

While they were going head to head, a young project (yapeswap) was brought to the limelight accusing Sushi of stealing their code in use for their product “Bento”.

Yapeswap joined the party soon after.

When you feel you had enough for the week, out of nowhere came Dan Robinson, A lawyer at paradigm VC poured fuel to the burning Sushi house with this tweet below.

Joseph replied with some humour but we don’t feel it is going well between them as Dan Robinson has blocked Joseph Delong. There could be more to the story than just a Twitter rant.

 It’s a twisted tale of ethics, legality, competitive spirit and hell lot of drama. As more people join with their opinions, the relationship is going beyond economic repair. If there was something which both communities agreed on was the legendary status of 0xMaki and the phenomenal work he has done for Sushi and crypto in general.

He has been fair and friendly to everyone, Led by his actions and built 2.8 Billion dollars worth of TVL for an almost dead Rug Pull project even without prior experience or name. 

You can learn more about him from the link below.