Sticking to the details – In recent days, the small, but decidedly still surprising, world of cryptocurrency has been rocked by a faux-scandal as only this ecosystem seems to have the secret. Indeed, the new boss of the platform SushiSwap (SUSHI) has been targeted by nauseating rumours, without it being yet possible to determine the origin or the possible sponsor.
And if slander often arrives at a gallop, it only fades away with a quiet step, often leaving heavy and lasting damage behind it. A look back at the horse drama of the moment and an overview of the dangers of the “incarnation” of crypto projects. Dangers including Bitcoinby its particular nature, is perfectly preserved.
SushiSwap’s new boss suspected of riding on his high horse
Jared Gray has been designated he a few days ago by CAD SushiSwap to take the helm of the famous decentralized finance platform.
Problem, it did not take long for the person concerned to become the target of accusations of fraud and find himself despite himself the subject of a media frenzy. In detail, he would be accused of having siphoned off community funds from the project ALQO (since renamed EONS) in 2019.
Gray quickly defended himself against these allegations on Twitter indicating that he himself was the victim of this scam, committed – according to him – by one of his associates while he himself was busy raising funds. The unfolding of the facts had at the time been the subject of a post Medium summary.
The big clogs of scandal
Rather banal in its form, this accusation however has suddenly took a more disturbing turn as rumors began to circulate suggesting that Jared Gray had been involved in a dark affair involving his person, a horse and an unnatural relationship condemned both by morality, the law, and most religions today and past.
If the case could give rise to a smile, it has nevertheless constituted a fabulous raw material likely to ignite social networks, between false indignation and real trolling (not without a certain creativity sometimes).
Let’s immediately deflate any speculation: obviously, and barring shock revelations in the next few hours, the facts alleged against the new boss of SushiSwap have all of the “fake news” way stink ball. But no matter, the damage is done, and has even had a very visible impact on the very value of the $SUSHI governance token.
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VSit smells like pony for SushiSwap’s $SUSHI
As a direct consequence of this file with the sweet smell of manure, the $SUSHI token immediately underwent a severe correction, showing more than 10% decrease in 24 hoursin an otherwise sluggish market.
And this is precisely where the problem lies: in this sudden drop in the valuation of an asset whose very nature, combined with the promise of decentralization, would however be supposed to protect it from any variation in price in connection with something other than its own qualities and its technological and financial added value.
Let us rephrase things: in a finance presented as decentralizedevolving itself in a reputable market free and unregulated, one would expect that crypto assets are worth only by and for themselves. And above all, above all, do not see their value correlated with the reputation or actions (real or presumed, ethical or not) of a member of their team, even the leader.
In other words, the SUSHI token of the SushiSwap platform has a price that is supposed to be the exact reflection of the relevance and robustness of its DeFi model (well known by the way). How should the supposed equestrian passions of one of his bosses call this mechanism into question?
Enough of false naivety, reality obviously shows us once again that the form, or the misshape of a project are largely linked to the personality of its creators or leaders of the moment. And that’s a problem.
A problem that may ultimately represent the main vulnerability major crypto projects of recent years. Crypto Projects Whose Health, and Even Survival, Can Sometimes Seem at Their Fingertips – sometimes still quite childish – one of their charismatic leaders, Vitalik Buterin at Charles Hockinsonof Beniamin Mincu at Justin Sun.
The human factor
Let’s take an example: who could guarantee with certainty that Ethereum would not be heavily damaged if its well-known founder Vitalik Buterin were seriously compromised, in the context of a legal or moral matter?
Let’s imagine for a moment that, like the misfortune experienced by Virgil Griffith (one of the historical developers of Ethereum), he is suspected for his too close proximity to an infrequent nation?
Or, that in line with the case law Tornado Cashthe eternal adulescent Vitalik is seriously threatened with imprisonment by states beginning to really worry about the disruptive potential of these subversive technologies?
These are only conjectures, but it is certain that the effects on the markets would be potentially catastrophic, even endangering entire ecosystems.
So much so that, rather than imagining a state attempting to mobilize colossal technical and financial resources to “break” the code of a blockchain in order to thwart its development, its services would more likely strive to undermine its reputation, so as to make it infrequent. And to do this, there is nothing better than attacking the individual, the “soft target” of the system as military strategists call them.
Indeed, the blockchain may well be of unparalleled robustness, its representatives nevertheless remain fundamentally human, and therefore fallible.
As is often the case in cybersecuritythe individual thus represents, in a way, the only weak link and the real critical vulnerability of networks that are nevertheless praised for their resilience.
bitcoin fix it
By using a studied pseudonym and a now legendary tactical discretion, Satoshi Nakamoto has ensured that Bitcoin is not associated with his person as a leader.
The creator of Bitcoin even took the precaution of erasing as much as possible any cultural bias (North American approach to tech and communication, perfect British written expression, Japanese surname, etc.).
By disappearing, voluntarily removing of the equation, Nakamoto thus offered the most precious present to Bitcoin, and above all to all of its users: it allowed it to depend on no one, and as such to not be able to be compromised or tainted by any human turpitude often goes hand in hand with the incarnation, the direction of a project.
No accusations of embezzlement in the Bitcoin SME, no equestrian scandals, no murky stories that could tarnish the reputation of the Nakamoto Company. Unlike SushiSwap, Bitcoin Remains Unaffected by Rumorsjust paving his way, one block at a time.
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