Sui Foundation Denies Selling Locked Staking Rewards
The team behind the Sui network and its native SUI token has denied allegations of selling locked staking rewards on Binance. The Sui Foundation has stated that it has not sold any staking rewards or tokens from locked and non-circulating staked SUI on Binance or any other exchange. The foundation emphasizes that all insider token allocations are compliant with lock-ups and other transfer restrictions.
The Origin Of The Claims
A rumor started on Twitter that the Sui Foundation was unlocking and dumping locked staking rewards on Binance. The Sui Foundation has referred to a specific transaction as a payment subject to a contractual lockup. However, a popular crypto trader and commentator claims that the foundation has a large amount of non-circulating and locked SUI staked, which is six times more than the entire circulating supply. The trader also provides on-chain data showing the transfer of SUI rewards to Binance.
Token Release Schedule
The Sui Foundation has not yet published a token release schedule, causing concerns about increasing supply and inflation for non-foundation SUI token holders. To address these concerns, the foundation plans to publish an official projection of the SUI token vesting and distribution schedule soon. Currently, the SUI token is down more than 14% in a 7-day timeframe, with a release of 61 million tokens scheduled for June 3rd.
Hot Take:
The Sui Foundation’s denial of selling locked staking rewards on Binance and their commitment to compliance with token allocations and transfer restrictions is a positive response to the allegations. However, the lack of a published token release schedule and concerns about increasing supply and inflation need to be addressed to regain investor confidence.
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