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Is SushiSwap an Exit Scam? Crypto Community Decries DeFi’s Newest AMM

After SushiSwap founder ‘Chef Nomi’ sold his SUSHI tokens, crypto users have accused the mysterious founder of scamming users.

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SushiSwap’s SUSHI token holders were left holding the bag this weekend after ‘Chef Nomi’, the project’s pseudonymous founder, suddenly sold $13 million worth of the tokens. The apparent financial exodus from the project has led some to decry the automated market maker (AMM) as an exit scam.

The selloff contributed to a significant drop in the value of the tokens, which peaked at $11.27 on Tuesday and fell to $1.21 on Sunday, a decrease of roughly 90 percent. At the time when Chef Nomi sold his tokens, SUSHI immediately dopped from $4.44 to $1.21.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

At press time, the value of the tokens had recovered to $2.75, making the drop slightly less severe.

Despite Chef Nomi’s selloff, he has pledged to stick with the protocol, and said that the decision to sell was well within his rights as the platform’s founder.

“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,” he said, adding that Charlie Lee did a similar thing with Litecoin.

The crypto community, however, is not happy.

Hackles are raised against SushiSwap, Binance

Since the sale of the tokens, Chef Nomi has become the target of much vitriol–and a doxxing campaign–on Twitter.

Additionally, crypto lawyer Preston Byrne, who practices at Anderson Kill Law, advised Twitter users that “If you lost money in the SushiSwap exit scam, file a report with the FBI and lawyer up.”

“This coin is regulated as a security, appears not to comply with Section 5 or an exemption from registration and therefore a sale is subject to a right of rescission,” he said. With an alleged ‘exit scam’ you could also probably find common law claims. There are ways.”

Cryptocurrency exchange Binance has also come under fire for listing the SUSHI token without knowing who the founder of the platform is.

However, Binance chief executive Changpeng Zhao allegedly deflected the criticism in a tweet that appears to have been deleted, saying that “for SUSHI, I don’t know who the founder is. If we don’t list new DeFi coins, traffic goes to other exchanges, and we become…obsolete. We provide access to liquidity, we don’t force you to buy.”

“All coins are high risk, especially DeFi.”

Adel Meyer, the head of the DAPScoin project, wrote on Twitter that “the whole $Sushi and @cz_binance story is exactly what’s wrong with the #crypto industry. Few days old project with unknown founder gets listed instantly on @binance FOR FREE where legit projects get charged $$$ or just never get a chance.”

Finance Magnates has reached out to Binance to verify the validity of the deleted tweet. Binance did not immediately respond. Comments will be added as they are received.

A bit of background information

SushiSwap is a fork of Uniswap, a popular ‘automated market maker’ (AMM) on the Ethereum network. AMMs are fully decentralized protocols that automatically provide liquidity.

The new, Sushi-themed AMM took Uniswap’s protocol and added incentives for providing liquidity through a liquidity provider (LP) token: this is where SUSHI comes in. SUSHI token holders are reportedly entitled to a portion of the ShushiSwap’s revenue.

This is what seems to have made the protocol so popular. Just eleven days after SushiSwap was launched, a whopping $1.27 billion was “locked” inside the protocol–a figure equivalent to 77.4 percent of Uniswap’s tradeable assets, according to Sushiboard.

Additionally, Sushiswap used a technique called “Zombie mining” to reward users with even more SUSHI token tokens in exchange for providing liquidity to the ETH/SUSHI pool on Uniswap. A promotional measure offered rewards up to ten times higher than they would typically be for a limited time.

All of this created a mad dash to collect as much SUSHI as possible: in fact, the protocol was so popular that its launched was blamed for the astronomical gas fees that took over the Ethereum network last week. Uniswap also saw an exponential rise in its “locked” assets as a result.

Eventually, once enough SUSHI liquidity was generated, Chef Nomi planned on using token dispersals to “migrate” the liquidity created on Uniswap through SushiSwap. The date was postponed from Friday to Sunday as SushiSwap’s popularity seemed to continuously grow.

Source: https://www.financemagnates.com/cryptocurrency/news/is-sushiswap-an-exit-scam-crypto-community-decries-defis-newest-amm/

Blockchain

MicroStrategy Keeps Buying The Dip – Spends Another $10 Million On Bitcoin

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MicroStrategy continues relentless pursuit of Bitcoin with a new $10 million purchase

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Everyone is acquiring bitcoin. From everyday people buying fractions of a bitcoin in the hopes of making a value later on to companies like Tesla padding their wallets with billions worth of the famous asset, bitcoin is all the rage these days.

Given that bitcoin currently hovers around $45,000 after seeing a new all-time price high of over $65,000 a few weeks ago, for some, now may be a desirable time to jump on the train.

BTCUSD
BTCUSD Chart By TradingView

One company that definitely got the memo was MicroStrategy as it was confirmed on May 18, 2021, that the company has bought another $10 million worth of bitcoin.

Bitcoin Whale MicroStrategy Keeps Buying

This latest purchase was confirmed by Michael Saylor, the founder, and CEO of MicroStrategy on Twitter. According to his tweet, MicroStrategy purchased an additional 229 bitcoins with each costing an average of $43,663. With this acquisition, the firm’s total bitcoin stash now comes to about 92,079 with an acquisition value of $2.251 billion. Acquired at an average price of $24,450 per bitcoin, this represents one of the biggest caches of bitcoin held by a single entity.

From the language used in the tweets, it is implied that the company intends to HODL long-term as do many private crypto holders who believe that bitcoin will be worth hundreds of thousands at some point in time. Regardless, it is clear that the corporate world is getting its fill of bitcoin and investing a significant amount of money in it.

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It is safe to expect that other firms besides MicroStrategy will continue to pad their wallets with even more bitcoin and other cryptos, especially given that the market is not mooning at the moment.

At the same time, some analysts predict that the bitcoin price will reach $100,000 by the end of this year and some even predict $300,000 or 400,000 in a few years, and should this happen, it will be interesting to see at which price point firms like MicroStrategy will sell, if at all.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/microstrategy-keeps-buying-the-dip-spends-another-10-million-on-bitcoin/

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Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection

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Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection

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The art world and the world of blockchain are currently seeing a huge intersection thanks to the rise of non-fungible tokens or NFTs as they are commonly called. Top artists from around the world have been selling their work as NFTs with millions of dollars being raised and NFT platforms seeing more attention from the artist themselves.

One of the latest of these is from Neal Adams, a legendary comic book artist behind iconic characters like the modern Batman and the Green lantern. It was announced on May 18, 2021, that the comic book artist will be partnering with Vorto Gaming to release an exclusive comic book and NFT collection.  

Batman Immortalized as an NFT?

Some details about the new partnership have been announced such as Adams creating bespoke comic books around Hash Rush, which is the first title published by Vorto Gaming and will be released on its network. Part of this comic will involve new and existing Hash Rush characters and a new storyline from Adams.

Given that Adams has shaped storylines for a number of comics for DC Comics and Marvel, there is a lot of anticipation. He will receive help for this new project from Swedish-based ComicFirst Entertainment and their artist Mikael Bergkvist, who is also his mentee. 

Adams himself has touched on the importance of gaming and why he is excited about this upcoming project.

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“Gaming is without doubt the most innovative entertainment industry of the past decade and is shaping so many different aspects of our culture. We’re moving into a period in history where we are spending as much time exploring digital, imaginary worlds as we are living in this one. Comic books were always a transportation tool – taking us to another place, to experience another story, even just for a moment. Hash Rush is no different and I’m looking forward to sharing this story with the world.’ he said.

At this point, it seems that there is no limit to the type of content that can be created as an NFT. Artists from all sectors are beginning to explore their options with regards to both making money and providing valuable experiences for their fans. Hopefully, Adams’ participation in this project will lead to more prominent comic book artists embracing NFTs as well.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/marvel-icon-behind-batman-green-lantern-to-launch-exclusive-comic-nft-collection/

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PARSIQ And Autonio Partnership Brings Smart Triggers To NIOX Trading Suite

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PARSIQ And Autonio Partnership Brings Smart Triggers To NIOX Trading Suite

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PARSIQ has partnered with the Autonio Foundation to integrate its monitoring technology into Antonio’s NIOX trading suite.

As per the announcement, through this partnership, PARSIQ is planning to deploy its Smart Triggers technology into Autonio’s NIOX suites. The partnership will help Autonio monitor blockchain data for important events by integrating a few lines of code. Generally, this new integration will help save on the time and infrastructure required to create custom listeners. 

Ali Raheman, Autonio Foundation CEO and Founder.

“PARSIQ enables us to secure our governance and our DAO along with granting our users access to info about asset movements, which is a higher up priority for us, while we begin incorporating notifications and triggers into our trading solutions and tracking. Use for AI is longer term. PARSIQ has provided us with a toolset to make improvements in 3 major areas, trading, governance, and analytics data for AI.”

Tom Tirman, CEO of PARSIQ. 

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“Automated trading tools are a natural use case for PARSIQ’s Smart Triggers, and we are glad to be seeing teams like Autonio speed up their development efforts by choosing our solution. There is no reason why crypto app developers should constantly be reinventing the wheel. By letting us take care of the intricacies, they save on time, money, and headaches.”

Autonio Foundation is a decentralized autonomous organization built around developing accessible, easy-to-use training tools and services. By democratizing access to intelligent trading tools, the platform allows crypto traders to conduct deeper trading analysis, pool funds for their original strategy, and deploy complex algorithms.

Autonio’s trading suites are based on Artificial intelligence technology. The suites require a stream of reliable blockchain data, which can create trading alert systems or complex trading strategies 0based on specific triggers.

By integrating PARSIQ’s Smart Triggers, Autonio will easily monitor blockchain data for relevant events. The partnership will also allow Autonio to access the PARSIQ toolset. The toolset allows traders to conduct strategies based on on-chain triggers such as transactions coming to large wallets. Additionally, Autonio will also use PARSIQ monitoring technology to gauge NIOX AI-based effectiveness, strategies, and efficacy. 

Antonio will also be able to use PARSIQ tools for analytic purposes. The tool will allow the company to monitor withdraws and deposits transactions to the NIOX DAO, allowing them to understand their users. The analysis will be key in developing key metrics that will enable tracking growth.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/parsiq-and-autonio-partnership-brings-smart-triggers-to-niox-trading-suite/

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