The founder of Uniswap rival SushiSwap, Chef Nomi, has transferred the project’s control to the CEO of FTX, Sam Bankman-Fried, after cashing out his SUSHI tokens for over 37,000 ETH.

The average transaction fee on the Ethereum network hit a high of $14.5 last week, but after the price of the second-largest cryptocurrency by market capitalization dropped from around $480 to a $328 low, fees collapsed to $6.1.

The cryptocurrency-friendly Ziglu, one of the UK’s newest “challenger banks“, has announced the launch of peer-to-peer (P2P) payments for all currencies supported by the Ziglu mobile app (which is available for both iOS and Android).

Sponsored: Remitano is no average P2P crypto exchange by any means; It's an innovation-backed company, using leading cloud-computing technologies and Agile Methodologies to drive global customer-focused solutions.

Top stories in the Crypto Roundup today:

• SushiSwap Founder Transfer Project’s Control to FTX CEO After Cashing Out
• Ethereum Transaction Fees Drop 58% as ETH Price Plummets
• Crypto-Friendly Digital Bank ‘Ziglu’ Launches P2P Fiat and Crypto Payments
• SUSHI, LINK, and OKB Are Moving the Crypto Market
• Sponsored: Remitano Is Reinventing Dynamism in Cryptocurrency Trading

SushiSwap Founder Transfer Project’s Control to FTX CEO After Cashing Out

The founder of Uniswap rival SushiSwap, Chef Nomi, has transferred the project’s control to the CEO of FTX, Sam Bankman-Fried, after cashing out his SUSHI tokens for over 37,000 ETH.

The decision came after Chef Nomi faced intense criticism on social media for moving his SUSHI tokens, meant for the development of the SushiSwap ecosystem, and converting them into ETH. The move led some to claim it was an exit scam.

On social media, Nomi announced the move and transferred the SushiSwap protocol’s control to Bankman-Fried by handing over his admin keys. He wrote

"I hope SushiSwap does well without me. Again I did not intend to do any harm. I'm sorry if my decision did not follow what you expected."

Bankman-Fried has revealed he will now deploy a multi-signature into the project’s smart contracts, so at least two keys are required to authorize a transaction.

Ethereum Transaction Fees Drop 58% as ETH Price Plummets

The average transaction fee on the Ethereum network hit a high of $14.5 last week, but after the price of the second-largest cryptocurrency by market capitalization dropped from around $480 to a $328 low, fees collapsed to $6.1.

The Ethereum price drop doesn’t quite correlate with the transaction fee drop, as at one point while ETH’s price kept falling, transaction fees increased slightly. The high transaction fees are due to increased activity on the Ethereum network, thanks to added interest in the decentralized finance space.

Fees on the cryptocurrency’s network are high as data shows Ethereum’s network utilization is close to 100%. The cryptocurrency community has been calling on scaling solutions to be used to help alleviate capacity and reduce transaction fees.

Crypto-Friendly Digital Bank ‘Ziglu’ Launches P2P Fiat and Crypto Payments

The cryptocurrency-friendly Ziglu, one of the UK’s newest “challenger banks“, has announced the launch of peer-to-peer (P2P) payments for all currencies supported by the Ziglu mobile app (which is available for both iOS and Android).

Ziglu is able to offer P2P payments as it recently became authorized by the UK’s financial regulator—Financial Conduct Authority (FCA)—as an electronic money institution (EMI) in accordance with the Electronic Money Regulations 2011 (EMRs).

It’s worth noting, however, that “cryptoassets and cryptoasset services provided by Ziglu are not regulated by the FCA and do not have the same regulatory protections as e-money/payments services.” On Ziglu users can buy and sell cryptocurrencies such as BTC and ETH, with a 1.25% commission being charged on all trades.

The firm offers £50,000 ($66,000) insurance cover for each customer’s cryptocurrency holdings. The P2P payments offered are transactions that can be “used for anything.”

SUSHI, LINK, and OKB Are Moving the Crypto Market

There are several tokens leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos who may have higher percentage changes.

• SUSHI (SUSHI) – SushiSwap’s SUSHI token plummeted after Chef Nomi cashed out his tokens, but as soon as control was handed over to the CEO of FTX the token quickly recovered. It’s up 11.7% in the last 24 hours.
• Chainlink (LINK) – LNIK has moved up over 9% in the last 24 hours as it seems to be recovering from a significant drop endured last week which saw it move from a near $16.5 high to a $9.7 low before recovering.
• OKEx (OKB) – OKEx’s OKB token moved up 8.6% in the last 24-hour period after the cryptocurrency exchange announced a historic $21 million OKB coin burn as part of its buy-backed& burn initiative, meant to reduce the cryptocurrency’s circulating supply.

Remitano Is Reinventing Dynamism in Cryptocurrency Trading

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Working in a digital age means safeguarding the private data and finances of consumers. To this end, Remitano utilizes a healthy security design system combined with multiple fiat-crypto wallets releases.

Remitano is really about taking core ideas and inspirations and transforming them into a functional design impactful to the user experience and the bottom line.

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Remitano believes that the web is one of the most exciting places to be; however, browsing the web is fundamentally an act of consumption. When users visit a web page, they're looking to find something informative and refreshing.

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