July 19, 2024

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The new ‘head chef’ of the decentralized exchange SushiSwap is already in hot water as the mud and hooves start to fly among the crypto community.

Jared Grey, the newly appointed head chef at SushiSwap, is on the defensive today following accusations of scamming and other equine misdemeanors.

Grey, who was selected by Sushi DAO to be the new boss earlier this month, has been accused of stealing funds from the crypto community in 2019 from a project called ALQO. According to the accusations, Grey introduced the wallet for ALQO called Liberio that was used to steal 70% of the total supply.

In 2020 he also allegedly relabeled ALQO to EONS and moved from its own chain to an Ethereum-based one to cover the tracks. It doesn’t end there, as there are more allegations of charging listing fees for an exchange he was developing called Bitfineon that was never launched.

SushiSwap chef addresses the allegations

On Oct. 11, Jared Grey tweeted a defense stating, “the accusations towards me are 100% untrue.” He claims that his business partner stole the funds in 2019 while he was working on “raising funds to launch the Bitfineon exchange.”

A medium post from the time was referenced stating that the real scammer, Kevin Collmer, was fired from the project and affected users were refunded.

“I have always operated with integrity in this space; you can reach out to anyone I’ve worked with directly over the years. I’ve had business failures, which CT likes to scrutinize, and I’m OK with that because it comes with the territory.”

Horsing around

Other allegations were a little more deviant as they insinuated that Grey had been intimate with a horse, though no evidence was provided.

There has been a lot of horseplay on crypto Twitter which has reacted in its usual way with a flood of equestrian memes. The social media platform has already started censoring some of them and the racy comments that followed.

There was even a new meme token called HORSHE that was created. Its price spiked as much as 6,000% over the past few hours.

SUSHI price plummets

The opposite has happened to SUSHI, the native token for SushiSwap, which has plummeted 10.5% over the past 24 hours.

SUSHI is currently trading at $1.24, wiping out a lot of the progress it made since Grey was appointed. The former DeFi darling is now in the doldrums, having lost a painful 95% since its March 2021 all-time high of $23.38, according to CoinGecko.

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