{"investigation":{"slug":"sushiswap","entity_name":"SushiSwap","trust_score":52,"severity_base":null,"score_modifier":20,"confidence":0.82,"status":"published","content_type":"investigation","summary":"SushiSwap is a decentralized exchange (DEX) and DeFi protocol launched in August 2020 as a fork of Uniswap, offering an automated market maker (AMM), governance token (SUSHI), and multi-chain liquidity pools. The protocol has endured a series of serious controversies spanning its entire history: a founding exit-scam attempt by anonymous creator Chef Nomi, early operational control handed to convicted fraudster Sam Bankman-Fried, an SEC subpoena issued to the protocol and its CEO in 2023, a $3.3 million smart contract exploit the same year, allegations that North Korean IT workers were embedded in its developer team, disputed DAO treasury centralization in 2024, and a governance process in late 2025 where a single wallet controlled 99.9% of a vote. TVL has declined approximately 98.7% from its 2022 peak of over $8 billion to roughly $100 million as of late 2025.","sections":[{"content":"SushiSwap was launched in August 2020 by an anonymous developer known as 'Chef Nomi' as a fork of the Uniswap decentralized exchange protocol. It introduced a community-oriented governance token (SUSHI) and yield-farming incentives to attract liquidity providers. The protocol rapidly accumulated over $1 billion in total value locked (TVL) during the DeFi Summer of 2020 by employing a 'vampire attack' strategy — offering SUSHI token rewards to Uniswap liquidity providers who migrated their capital. At its peak in early 2022, SushiSwap held over $8 billion in TVL. As of late 2025, TVL had declined to approximately $100 million, and the SUSHI token trades around $0.20, roughly 99% below its March 2021 all-time high of $23.38.","heading":"Protocol Overview","sources":[{"url":"https://www.gemini.com/cryptopedia/sushiswap-uniswap-vampire-attack","name":"gemini.com","type":"other","credibility":3},{"url":"https://defillama.com/protocol/sushiswap","name":"defillama.com","type":"other","credibility":3},{"url":"https://thedefiant.io/education/defi/what-is-sushiswap","name":"thedefiant.io","type":"other","credibility":3}],"severity":"medium"},{"content":"On September 5, 2020, Chef Nomi, the pseudonymous founder of SushiSwap, unilaterally withdrew his share of SUSHI/ETH liquidity from the developer fund wallet, converting approximately 2.5 million SUSHI tokens plus pool assets into roughly 18,000–38,000 ETH valued at approximately $13–14 million. The sell-off caused SUSHI's price to collapse from a high of approximately $11.27 to $1.21 within days, a decline of roughly 90%. The community widely characterized the action as a rug pull or exit scam. Chef Nomi publicly defended the withdrawal on Twitter, comparing himself to Litecoin creator Charlie Lee, who sold his LTC holdings in 2017. On September 6, 2020, Chef Nomi transferred operational control of the protocol's multi-signature wallet to FTX CEO Sam Bankman-Fried. On September 11, 2020, Chef Nomi reversed course and returned approximately 38,000 ETH (valued at approximately $14 million) to the developer fund, issuing a public apology stating 'I fucked up. And I am sorry.' Chef Nomi's identity remains unknown. The phrase 'Chef Nomi' has since entered crypto vernacular as a term for a founder who attempts to drain a cloned protocol's liquidity.","heading":"Founding Exit Scam Attempt — Chef Nomi (September 2020)","sources":[{"url":"https://www.coindesk.com/tech/2020/09/11/i-fked-up-sushiswap-creator-chef-nomi-returns-14m-dev-fund","name":"coindesk.com","type":"other","credibility":3},{"url":"https://decrypt.co/40976/founder-of-sushiswap-defi-protocol-cashes-out","name":"decrypt.co","type":"other","credibility":3},{"url":"https://decrypt.co/41547/sushiswap-chef-nomi-gives-back-14-million-ethereum","name":"decrypt.co","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/chef-nomi-has-returned-all-funds-back-to-the-sushiswap-community","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://modernconsensus.com/adblock/sushiswap-founder-returns-millions-apologizes-for-exit-scam/","name":"modernconsensus.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Following Chef Nomi's withdrawal, operational control of SushiSwap's multi-signature wallet was transferred to Sam Bankman-Fried, then CEO of cryptocurrency exchange FTX, on September 6, 2020. Bankman-Fried oversaw the protocol's migration of liquidity away from Uniswap, a process that completed largely as planned. He subsequently transferred control to a broader multi-signature arrangement including multiple community members, limiting any single actor's unilateral authority. Bankman-Fried was later convicted of fraud and conspiracy in November 2023 in connection with the collapse of FTX, and sentenced to 25 years in federal prison. His early involvement with SushiSwap is noted as a material governance risk factor in retrospect, though no direct harm to SushiSwap users has been attributed to this period.","heading":"Sam Bankman-Fried Interim Control (September 2020)","sources":[{"url":"https://cryptoticker.io/en/sushiswap-founder-gives-the-project-control-to-ftx-ceo-sam-bankman-fried/","name":"cryptoticker.io","type":"other","credibility":3},{"url":"https://news.bitcoin.com/defis-raw-deal-sushiswap-creator-transfers-multi-sig-control-to-ftx-ceo/","name":"news.bitcoin.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/ftx-ceo-sushiswap-probably-wasnt-a-long-planned-heist","name":"cointelegraph.com","type":"other","credibility":3}],"severity":"medium"},{"content":"In October 2022, shortly after Jared Grey was appointed Head Chef (CEO) of SushiSwap, Twitter user 'YannickCrypto' publicly accused Grey of multiple alleged past misconduct, including: (1) allegedly introducing a 'Web Wallet' for the ALQO project that was used to steal a significant portion of users' token holdings; (2) alleged scam activity dating to a 'MultiPlex PC' company in 2012; and (3) unsubstantiated and highly offensive allegations of animal cruelty that circulated without any supporting evidence. Grey denied all accusations, calling them '100% untrue' and stating a former business partner was responsible for alleged fund thefts and was subsequently dismissed. Grey's denial was published across multiple outlets. The allegations of animal cruelty in particular were broadly regarded as unsubstantiated smears. The ALQO-related allegations were investigated by portions of the community but no formal legal finding was made. Grey went on to lead SushiSwap for over three years before stepping down in December 2025.","heading":"CEO Allegations — Jared Grey (October 2022)","sources":[{"url":"https://dailycoin.com/sushiswap-sushi-ceo-jared-grey-denies-scam-and-bestiality-allegations-in-detailed-response/","name":"dailycoin.com","type":"other","credibility":3},{"url":"https://blockworks.co/news/sushiswap-head-chef-hit-by-controversy-in-first-week","name":"blockworks.co","type":"other","credibility":3},{"url":"https://thedefiant.io/news/defi/sushiswap-grey-rejects-accusations","name":"thedefiant.io","type":"other","credibility":3},{"url":"https://www.cryptotimes.io/2022/10/11/sushiswap-new-ceo-accused-of-scamming-and-other-crimes/","name":"cryptotimes.io","type":"other","credibility":3}],"severity":"medium"},{"content":"On March 21, 2023, SushiSwap disclosed that both the protocol and Head Chef Jared Grey had been served with a subpoena by the U.S. Securities and Exchange Commission (SEC). The disclosure was made via a governance proposal submitted to the Sushi DAO, seeking to establish a legal defense fund of $3 million USDT with a $1 million contingency reserve to cover potential legal costs. Grey characterized the investigation as a 'non-public, fact-finding inquiry' and stated SushiSwap was cooperating fully. The SEC did not publicly announce the scope of its inquiry. News of the subpoena caused SUSHI to decline approximately 5% within an hour of the announcement. As of the available public record through 2025, no formal SEC charges or enforcement action against SushiSwap or Grey were publicly filed following the subpoena.","heading":"SEC Subpoena (March 2023)","sources":[{"url":"https://decrypt.co/124133/sushiswap-dao-subpoena-sec-legal-defense-fund","name":"decrypt.co","type":"other","credibility":3},{"url":"https://blockworks.co/news/sushiswap-served-by-sec","name":"blockworks.co","type":"other","credibility":3},{"url":"https://ambcrypto.com/breaking-sushiswap-and-its-ceo-served-with-subpoena-by-sec/","name":"ambcrypto.com","type":"other","credibility":3},{"url":"https://www.unlock-bc.com/99072/sushiswap-faces-sec-subpoena-considers-legal-defense-fund-for-dao/","name":"unlock-bc.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On April 9, 2023, SushiSwap suffered a smart contract exploit due to an approval-related vulnerability in its recently deployed RouterProcessor2 contract, which had gone live approximately four days earlier. The vulnerability failed to validate user-supplied pool parameters, allowing an attacker to supply a malicious router parameter directing funds to an attacker-controlled pool. The exploit affected users across 14 blockchain networks: Arbitrum Nova, Arbitrum, Avalanche, Boba, BSC, Ethereum, Fantom, Fuse, Gnosis, Moonbeam, Moonriver, Optimism, Polygon, and Polygon ZkEVM. Total losses were estimated at approximately $3.3 million (approximately 1,800 ETH). The largest single victim was wallet 0xSifu, which lost over $2.7 million. Head Chef Jared Grey publicly urged users on all 14 chains to revoke token approvals immediately. White hat security researchers recovered over 1,000 ETH from the stolen funds. SushiSwap subsequently announced a reimbursement plan via a Merkle Claim contract, allowing affected users to recover their funds from white hat recovery addresses. Notably, 0xSifu is identified as Michael Patryn, a co-founder of the defunct Canadian exchange QuadrigaCX — which collapsed in 2018 with over $150 million in customer funds lost — and a figure previously implicated in the alleged mismanagement of Wonderland protocol.","heading":"RouterProcessor2 Smart Contract Exploit — $3.3 Million (April 2023)","sources":[{"url":"https://www.theblock.co/post/225473/sushiswap-hack","name":"theblock.co","type":"other","credibility":3},{"url":"https://hacken.io/discover/sushi-hack-explained/","name":"hacken.io","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/sushiswap-approval-bug-leads-to-3-3-million-exploit","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://decrypt.co/125799/sushiswap-smart-contract-bug-exploited-in-3-3-million-theft","name":"decrypt.co","type":"other","credibility":3},{"url":"https://www.web3isgoinggreat.com/?id=0xsifu-loses-more-than-2-7-million-to-sushiswap-hack","name":"web3isgoinggreat.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/225839/sushiswap-hack-claims","name":"theblock.co","type":"other","credibility":3},{"url":"https://blockworks.com/news/sushiswap-funds-recovered-hackers-have-more","name":"blockworks.com","type":"other","credibility":3}],"severity":"medium"},{"content":"When Jared Grey took the role of Head Chef in late 2022, he disclosed that SushiSwap's treasury had less than 18 months of operational runway remaining. Annualized operating expenses were reported at approximately $9 million, later reduced to approximately $5.2 million. Grey alleged that the prior administration had mismanaged the DAO's resources, resulting in an alleged $30 million loss over the prior 12 months. By mid-2023, SushiSwap's TVL had dropped from its $8 billion peak, governance had become largely dysfunctional, and major contributors had exited. Grey's team took reduced pay, prioritized security audits, and restructured the budget in an effort to stabilize operations. By 2024, SushiSwap reportedly reached profitability with over $10 million in annual revenue, though the SUSHI token continued to trade at multi-year lows.","heading":"Treasury Crisis and Alleged Prior Mismanagement (2022–2023)","sources":[{"url":"https://cointelegraph.com/news/sushiswap-chief-says-it-only-has-1-5-years-of-treasury-runway-left","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2023/03/31/sushi-swap-ceo-says-he-no-longer-feels-inspired-amid-us-regulators-crypto-crackdown","name":"coindesk.com","type":"other","credibility":3},{"url":"https://cryptoslate.com/sushiswap-head-chef-discloses-5-2m-budget-for-dao-operation-in-2023/","name":"cryptoslate.com","type":"other","credibility":3}],"severity":"medium"},{"content":"In April 2024, SushiSwap leadership proposed a significant governance restructuring: the transfer of approximately 25 million SUSHI tokens (then valued at approximately $42.5 million) from the DAO-controlled treasury to a new entity called 'Sushi Labs,' along with redirection of all future airdrops to Sushi Labs rather than the DAO. The proposal was highly contested. Former contributor Naim Boubziz publicly accused Jared Grey of plotting to 'kill the community' and seize full control of the treasury. Boubziz further alleged that the team used the protocol's own multi-signature wallet to vote in favor of the proposal, and separately borrowed funds to temporarily increase voting power through liquidity provisioning. Grey defended these actions by stating he directed the operations team to execute the vote with the ops wallet due to the threat of a 'hostile takeover.' Despite vocal community opposition, the proposal passed with approximately 62% of the vote. The controversy contributed to perceptions of governance capture and centralization within the protocol.","heading":"DAO Treasury Centralization and Alleged Governance Manipulation (April 2024)","sources":[{"url":"https://bitcoinist.com/sushiswap-team-accused-of-plotting-to-kill-dao/","name":"bitcoinist.com","type":"other","credibility":3},{"url":"https://decrypt.co/225431/sushiswap-community-cries-foul-over-vote","name":"decrypt.co","type":"other","credibility":3},{"url":"https://www.theblock.co/post/286661/sushiswap-governance-proposal-suggests-shifting-dao-treasury-assets-to-new-sushi-labs-vault","name":"theblock.co","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/sushi-swap-team-treasury-takeover-looks-likely-amid-heated-debate","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://invezz.com/news/2024/04/10/sushiswap-sushi-dao-treasury-proposal-passes-amid-wallets-creation-controversy/","name":"invezz.com","type":"other","credibility":3},{"url":"https://www.cryptotimes.io/2024/04/09/sushiswap-community-divided-over-proposed-treasury-changes/","name":"cryptotimes.io","type":"other","credibility":3}],"severity":"medium"},{"content":"On-chain analyst Taylor Monahan (tayvano_) and investigator ZachXBT alleged that North Korean IT workers with ties to the DPRK were embedded in the development teams of multiple major DeFi protocols during the 2020 DeFi Summer, with SushiSwap identified among the named projects. According to Monahan, these workers played a role in building several prominent protocols and later facilitated large-scale exploits. A separate ZachXBT investigation uncovered a coordinated DPRK IT worker operation that generated over $3.5 million, with affected projects including SushiSwap, Yearn Finance, and THORChain. The allegations are classified as medium confidence because they rest primarily on researcher reports and on-chain analytics rather than court filings or formal regulatory findings. No individual developer at SushiSwap has been publicly named or charged in connection with these allegations.","heading":"Alleged North Korean Developer Infiltration","sources":[{"url":"https://cryptopotato.com/expert-says-north-korean-it-workers-helped-build-top-protocols-during-defi-summer/","name":"cryptopotato.com","type":"other","credibility":3},{"url":"https://bitcoinworld.co.in/north-korean-workers-sushiswap-defi/","name":"bitcoinworld.co.in","type":"other","credibility":3},{"url":"https://cryptopotato.com/zachxbt-uncovers-3-5m-operation-by-north-korean-fake-devs-inside-crypto-firms/","name":"cryptopotato.com","type":"other","credibility":3}],"severity":"medium"},{"content":"In December 2025, Jared Grey stepped down as Head Chef and Managing Director, transitioning to an advisory role. Synthesis, a firm led by Alex McCurry (founder of Solidity.io), acquired approximately 10 million SUSHI tokens valued at approximately $3.3 million and McCurry assumed the role of Managing Director. In the same month, a governance vote was passed to increase the SUSHI token annual emission rate from 1.5% to up to 5% of total supply. On-chain analysis indicated that a single wallet controlled approximately 99.9% of the voting power in this decision, raising material questions about the legitimacy and decentralization of the governance outcome. The new Labs model established councils (High Kitchen, Treasury, Grants, and Ambassador) but critics noted it substantially reduced community input over operational decisions.","heading":"Leadership Transition and Governance Irregularities (December 2025)","sources":[{"url":"https://thedefiant.io/news/defi/sushiswap-s-jared-grey-steps-down-as-head-chef","name":"thedefiant.io","type":"other","credibility":3},{"url":"https://ambcrypto.com/sushiswap-ceo-steps-down-as-synthesis-invests-3-3m-in-struggling-dex/","name":"ambcrypto.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/sushiswap-replaces-dao-labs-model-multi-token-ecosystem","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://phemex.com/news/article/sushi-ceo-jared-grey-resigns-synthesis-invests-in-sushi-41204","name":"phemex.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On March 12, 2026, a cryptocurrency trader executing a swap via the CoW Protocol aggregator lost approximately $50 million due to severe slippage. The trade routed a $50.4 million USDT order into a SushiSwap liquidity pool that held only approximately $73,000 in total liquidity, resulting in a 99%+ price impact. The trader received approximately 327 AAVE tokens worth roughly $36,000, having paid approximately $154,000 per token against a market price of approximately $114. MEV bots exploited the trade, with one bot earning approximately $9.9 million in profit by front-running via a $29 million Morpho flash loan. Aave's interface had displayed slippage warnings prior to the transaction. Aave later announced it would return approximately $600,000 in protocol fees to the affected user. The incident highlighted risks inherent in SushiSwap's liquidity fragmentation across many chains and pools, and renewed concerns about the safety of routing large orders through the protocol's low-liquidity venues.","heading":"March 2026 Slippage Incident — $50 Million User Loss","sources":[{"url":"https://www.fintechweekly.com/news/aave-swap-defi-slippage-50-million-usdt-cow-protocol-sushiswap-mev-bots-march-2026","name":"fintechweekly.com","type":"other","credibility":3},{"url":"https://www.halborn.com/blog/post/explained-crypto-whale-loses-50-million-in-flawed-swap-march-2026","name":"halborn.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/mev-bot-makes-10-million-in-crypto-swap-gone-wrong","name":"cointelegraph.com","type":"other","credibility":3}],"severity":"medium"},{"content":"As of mid-2026, SushiSwap continues to operate as a multi-chain DEX under the Sushi Labs structure led by Alex McCurry. The SUSHI token trades at approximately $0.20, roughly 99% below its March 2021 all-time high of $23.38. TVL stands at approximately $100 million, down approximately 98.7% from the 2022 peak. The protocol has processed over $251 billion in cumulative trading volume across 40+ chains. Key ongoing risk factors include: governance centralization under the Labs model with minimal DAO input; a single-wallet-dominated governance vote in December 2025; unresolved questions about the SEC inquiry; the unaddressed allegations regarding DPRK developer infiltration; and demonstrated vulnerability to smart contract exploits and liquidity fragmentation. The protocol has not been formally shut down, charged by regulators, or confirmed as fraudulent, but exhibits a multi-year pattern of governance dysfunction, leadership controversies, and user-loss events.","heading":"Current Status and Risk Assessment","sources":[{"url":"https://defillama.com/protocol/sushiswap","name":"defillama.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/sushiswap/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://thedefiant.io/news/defi/sushiswap-s-jared-grey-steps-down-as-head-chef","name":"thedefiant.io","type":"other","credibility":3},{"url":"https://coinbureau.com/review/sushiswap-sushi","name":"coinbureau.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2020-08","event":"SushiSwap launched by anonymous developer 'Chef Nomi' as a fork of Uniswap, introducing SUSHI governance token and yield farming incentives.","source":"","date_original":"2020-08-01"},{"date":"2020-09-05","event":"Chef Nomi withdraws approximately $13–14 million from the developer fund wallet, converting SUSHI and LP tokens to ETH; SUSHI price collapses ~90%. Community labels it a rug pull or exit scam.","source":""},{"date":"2020-09-06","event":"Chef Nomi transfers multi-sig control of SushiSwap to FTX CEO Sam Bankman-Fried to restore community confidence.","source":""},{"date":"2020-09-11","event":"Chef Nomi returns approximately 38,000 ETH ($14 million) to the developer fund, publicly apologizes, and withdraws from governance.","source":""},{"date":"2020-09-11","event":"Sam Bankman-Fried oversees SushiSwap's migration from Uniswap and transfers control to a broad multi-sig arrangement.","source":""},{"date":"2021-03","event":"SUSHI reaches all-time high of approximately $23.38. SushiSwap TVL exceeds $5 billion.","source":"","date_original":"2021-03-01"},{"date":"2022","event":"SushiSwap TVL peaks at over $8 billion before declining sharply during the broader crypto market downturn.","source":"","date_original":"2022-01-01"},{"date":"2022-10-11","event":"Jared Grey appointed Head Chef. Within days, Twitter user YannickCrypto publishes allegations of past scams and other misconduct; Grey denies all charges.","source":""},{"date":"2022-12","event":"Grey discloses SushiSwap treasury has less than 18 months of runway remaining, with alleged $30 million loss attributed to prior administration mismanagement.","source":"","date_original":"2022-12-01"},{"date":"2023-03-21","event":"SEC serves SushiSwap and Jared Grey with a subpoena. SushiSwap proposes $3 million legal defense fund from the DAO treasury.","source":""},{"date":"2023-04-09","event":"RouterProcessor2 smart contract exploit drains approximately $3.3 million across 14 chains. Largest victim is wallet 0xSifu (Michael Patryn, QuadrigaCX co-founder). White hats recover over 1,000 ETH.","source":""},{"date":"2023-04-12","event":"SushiSwap announces reimbursement plan via Merkle Claim contract for exploit victims.","source":""},{"date":"2024-04","event":"SushiSwap proposes transitioning to 'Labs model,' shifting approximately $42.5 million in treasury assets from DAO control to new Sushi Labs entity.","source":"","date_original":"2024-04-01"},{"date":"2024-04-10","event":"Sushi Labs treasury proposal passes with approximately 62% of the vote amid allegations by community members that the team used protocol wallets and borrowed funds to boost voting power.","source":""},{"date":"2024-06-11","event":"Sushi Labs formally established as the autonomous administrative entity governing SushiSwap operations.","source":""},{"date":"2025-12","event":"Jared Grey steps down as Head Chef and transitions to advisory role. Synthesis invests $3.3 million; Alex McCurry becomes Managing Director.","source":"","date_original":"2025-12-01"},{"date":"2025-12-14","event":"Governance vote increases SUSHI annual emission rate from 1.5% to up to 5%; on-chain analysis shows a single wallet controlled approximately 99.9% of voting power.","source":""},{"date":"2026-03-12","event":"A trader routes $50.4 million USDT through CoW Protocol into a SushiSwap pool with only $73,000 liquidity, losing approximately $50 million to slippage and MEV 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