SUI Token Plummets Amid Market Manipulation Allegations
The SUI token has hit an all-time low after being accused of market manipulation by South Korean regulators. The token’s value dropped by 9% following allegations that the supply of SUI was being manipulated through staking. This comes as South Korean authorities are investigating the behavior of the Sui team and whether they intentionally inflated the token supply.
Sui Foundation Denies Manipulation Claims
The Sui Foundation has strongly denied the allegations, stating that there has never been any sale of SUI tokens after the initial Community Access Program (CAP) distributions. The foundation emphasizes its commitment to transparency and compliance with regulatory authorities.
South Korean Authorities Launch Investigation
The South Korean Financial Supervisory Service (FSS) plans to investigate the SUI token and its distribution. Representative Min Byeong-deok, a lawmaker from the Democratic Party of Korea, claimed that the Sui Foundation paid itself interest by staking coins that should have remained in non-circulation. The representative also alleged that the foundation lied about the number of tokens in circulation.
SUI Token Struggles in Market
As a result of these developments, the SUI token has experienced a significant drop in value, reaching an all-time low of $0.367. Although it has made a slight recovery, its outlook remains negative due to the ongoing investigation by South Korean authorities. The token’s price is currently fluctuating between $0.36 and $0.39 with a trading volume of $54 million.
Hot Take: Uncertain Future for SUI Token
The SUI token faces an uncertain future as it grapples with market manipulation allegations and regulatory scrutiny in South Korea. The accusations of intentionally inflating the token supply and misrepresenting emissions have taken a toll on its value. With the investigation underway, the token’s outlook remains negative, and its price is likely to remain subdued. South Korean lawmakers are pushing for stricter regulations in the crypto industry, adding further pressure on SUI and other tokens. Until the allegations are resolved and regulatory clarity is achieved, the SUI token will continue to face challenges in the market.
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