$14 Million Sushi Buyback Crashes Price, ETH Sent to Bittrex

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Summary

Sushi eth sent to Bittrex, Sep 2020 So they ‘bought’ sushi while dumping the price and run away with the eth? Here though, buying $13 million worth of something leads to a 27% drop with some $100 million wiped off sushi’s market cap. Dev fund address before buyback, Sep 2020 After the buyback some $13 million worth of sushi was sent to the above address from the one that bought them, with it unclear what happened to $1 million. Now it shows this: Dev Fund address after buyback, Sep 2020 The eth have gone presumably with the consent of the 8 multi-sig holders. Sushi buyback action, Sep 2020 When the buyback initially started price rose to briefly reach $2.7, with Bankman then pausing for some reason before moving to 2,000 blocks.

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Only in crypto can someone spend $14 million to buy something and end up crashing the price instead of increasing it in line with supply and demand.

Yet that’s what happened with Sushi where a holders vote decided that the $14 million worth of tokens sold by Chef Nomi should now be bought back.

The one that took over, Sam Bankman-Fried, obliged with a promising show so to unveil between 1 and 2 AM UTC yesterday.

Before the show began, the price was at around $2.4, having risen by 5% at that point. Will it double? Maybe $10. Can it reach $3 at least? Defo $3.5 to $4 they said.

So speculation went with the crypto space, for the first time unless we’re mistaken, to witness a live on-chain buyback of some 5% of the market cap.

Price rose, but only a little bit, reaching $2.5 and sometime nearing $2.6. Then 1AM came and price fell.

The buyback has not started, the audience was told as they watched the price fall with great puzzlment.

Is...

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