The Troubled Times for Sui Token
The price of the small-cap crypto token Sui has reached an all-time low, signaling turbulent times for the project. As of press time, the price of Sui has fallen by close to 1% for the day and 9.4% for the past week.
Investigation into Manipulation Claims
The decline in Sui’s price is attributed to reports of an investigation by South Korea’s Financial Supervisory Service. The investigation was initiated based on allegations made by a lawmaker that the Sui Foundation manipulated the token’s circulation.
According to the claims, the foundation staked coins that were meant to remain uncirculated and then sold them on the market. The investigation aims to determine the veracity of these allegations.
Sui Foundation Denies Accusations
In response to the allegations, the Sui Foundation released a statement categorically denying the claims as “unfounded and materially false.” They stated that no Sui tokens were sold after the initial distribution and maintained that their circulating supply schedule was accurate.
SUI Foundation categorically denies any wrongdoing.
We have not sold any SUI tokens since our initial Community Access Program (CAP) distributions.
All circulating supply schedules published on our website are accurate.
We are working closely with legal counsel to resolve this matter.
— SUI Foundation (@SuiFoundation) May 23, 2022
Possible Collapse and Uncertain Future
The decline in Sui’s price has raised concerns among investors and community members, who fear that the entire project could collapse. The outcome of the regulatory investigation will likely have a significant impact on the future performance of Sui.
Hot Take: Uncertainty Surrounds Sui Token as Investigation Continues
The Sui token is currently facing a crisis as its price hits all-time lows amidst an ongoing investigation into manipulation claims. The allegations made against the Sui Foundation have caused panic among investors and raised doubts about the project’s future. While the foundation denies any wrongdoing, the regulatory investigation will ultimately determine the truth. The uncertainty surrounding Sui’s fate has created a volatile market for the token, making it a risky investment option. As the investigation continues, it remains to be seen whether Sui can recover from this setback and regain investor confidence.
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