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SushiSwap's New CEO Jared Grey Faces Fraud Allegations

Jared Grey, the newly appointed CEO of SushiSwap, is under scrutiny following fraud allegations from the crypto community. Learn about the accusations and the impact on SUSHI token prices.
Published on 2022-10-11

SushiSwap's New CEO Jared Grey Faces Fraud Allegations

The cryptocurrency community is abuzz with controversy as Jared Grey, the newly appointed CEO of SushiSwap, faces allegations of fraud. Twitter users have accused Grey of siphoning 70% of a token's supply from a 2019 project called ALGO. The accusations claim that Grey rebranded the coin and migrated it to the Ethereum blockchain to conceal his involvement.

Jared Grey's Defense

Grey has vehemently denied the allegations, stating that the claims against him are "100% incorrect." He explained that the funds were stolen by his business partner, Kevin Collmer, during an attempt to raise funds for the Bitfineon exchange in 2019. Grey emphasized his integrity and transparency in the crypto space, acknowledging past business failures but denying any fraudulent activities.

Market Impact on SUSHI Token

The fraud allegations have significantly impacted the price of SUSHI, the native token of SushiSwap. The token has experienced a price drop of over 10%, with an 8% loss in the last 24 hours alone. SUSHI's current price of $1.24 reflects a 95% decline from its all-time high of $23.38 in March 2021.

This situation highlights the volatility and risks associated with the cryptocurrency market, where leadership integrity and project transparency are crucial for investor confidence.

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