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SushiSwap token price rebounds after new CEO Jared Grey explains he’s not THAT JG

By Capital.com News

Edited by Charlie Mellor

18:00, 14 October 2022

SushiSwap
SushiSwap is a decentralised finance protocol – Photo: Shutterstock

The price of sushiswap (SUSHI) has returned to around the $1.38 level following a price dip this week after newly-appointed CEO Jared Grey denied a barrage of online accusations.

As of 14 October, SUSHI was trading at $1.39, up 0.92% over the past seven days.

However, on 10 October, after opening at $1.38, SUSHI dropped to a low of $1.21 within 24 hours of the accusations being levelled against Grey.

SUSHI to USD

Appointment sparks rumours

The SushiSwap decentralised autonomous organisation (DAO) had elected Grey as its new ‘head chef’ – the CEO of SushiSwap – earlier this month.

But rumours began circulating on 10 October that Grey was responsible for the disappearance of funds from the ALQO cryptocurrency in 2019 – of which he was the CEO a the time – via a wallet called Liberio.

ETH/USD

3,499.60 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

181.36 Price
-1.760% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

DOGE/USD

0.14 Price
-2.480% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.61 Price
+1.230% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Grey’s response

Grey took to Twitter on 11 October to deny the accusations. He said: “Today has been interesting. Let me be clear: the accusations towards me are 100% untrue.

The new SushiSwap CEO clarified in the tweets that his “business partner stole funds from our community” using the Liberio wallet – named as Kevin Collmer in a linked Medium blog post.

According to Grey on Twitter: “The investors & I found out, fired him, and refunded the affected users.”

At the time of writing, SUSHI was trading at $1.39, up 0.92% over the past seven days

Markets in this article

SUSHI/USD
SushiSwap / USD
0.7586 USD
-0.0149 -2.000%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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