Following the spectacular fall of SushiSwap, users criticized the Binance crypto exchange for even listing the token in the first place. But Binance stands by its decision to support risky projects.
Binance CEO Changpeng Zhao, better known as CZ, defended his decision to list projects and tokens as SUSHI in a tweet.
“As one of the leaders in the space, we support innovation. With innovation comes a high chance of reward and high risk. Some projects land on the moon, while some fail. Always manage your risks accordingly. In crypto winter, I tell people HODL. When it’s hot, I tell people to be very careful. I always get heat whenever something goes south. I’ll take the heat. It just hurts to see people being reprimanded and still not managing their risk. “
SUSHI went from $ 9.5 to $ 1.13 in just five days after its project manager, anonymous developer Chef Nomi, emptied a stash of SUSHI from the development fund. Chief Nomi has handed over control of the protocol to FTX CEO Sam Bankman-Fried.
Decentralized financial watchers weren’t happy with Chief Nomi’s actions, and some who bought SUSHI blamed exchanges like Binance who listed the token in the first place.
Binance has a long history of supporting DeFi projects, listing many projects over the past year. Zhao said he believes DeFi is the future, although more education and experimentation may be needed before it becomes mainstream.