The new CEO of decentralized exchange SushiSwap (SUSHI) has faced fraud and other accusations. Over the accusations, Jared Gray recently tried to defend himself. Here are the details…
Details of the allegations: He stole 70 percent of the supply
As we reported on cryptokoin.com, Jared Gray was named as the new “boss” by Sushi DAO earlier this month. However, in 2019, Gray was accused of stealing funds from the crypto community through a project called ALQO. According to the accusations, Gray stole 70 percent of the total supply with his ALQO wallet called Liberio. In 2020, it was also allegedly renamed ALQO to EONS and switched from its own chain to an Ethereum-based one to close the tracks. There are also more allegations that he is developing listing fees for an exchange called Bitfineon. It should be noted that this exchange has never entered the market.
On October 11, Jared Gray tweeted in defense that “the accusations against me are absolutely untrue”. He claims that his partner stole the funds with the promise of “raising funds to launch the Bitfineon exchange” in 2019. He said that real scammer Kevin Collmer was fired from the project. He even mentioned a Medium post stating that affected users were being refunded. Gray used the following statements:
I have always acted honestly in this area. You can reach everyone I’ve worked with for years directly. What the crypto community on Twitter wanted to review was my failures but that’s okay.
The investors & I found out, fired him, and refunded the affected users. Here's our Medium post from 2019 about it:https://t.co/D8Ce6YNDC8
Today's post includes some other accusations, which are false as well. /2
— Jared Grey (@jaredgrey) October 11, 2022
SUSHI fell, HORSHE rose
Other allegations were that Gray had a horse abuser, although no evidence was presented. Twitter, as usual, reacted to this issue with a “meme flood”. There was even a new meme token called HORSHE created. Its price rose as much as 6,000 percent.
$HORSHE, a new altcoin created today, is up %6,000
I expect nothing less after a crypto founder allegedly violated a horse.
Rational investors participating in an efficient market…nothing to see here.
h/t @crypto_iso pic.twitter.com/21LQivbefP
— Luke Martin (@VentureCoinist) October 10, 2022
Conversely, SushiSwap’s native token SUSHI tumbled 8.6 percent. SUSHI has wiped out most of the progress Gray has made since his appointment. It is currently trading at $1.24. According to the data, SUSHI has lost 95 percent since its all-time high of 23.38 in March 2021. As it is known, SushiSwap (SUSHI) is an example of an automatic market maker (AMM).
An increasingly popular tool among cryptocurrency users, AMMs use smart contracts to create a market for any token pair. In September 2020, SushiSwap capitalized on the popularity of the decentralized finance (DeFi) movement. It was released as a fork of Uniswap. SushiSwap aims to diversify the AMM market. It also offers rewards for network participants through its token SUSHI.
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