In response to allegations of token dumping and unauthorized transfers, the team behind the Sui network and its native SUI token has denied any involvement. The Sui Foundation, the organization behind the network, stated that they have not engaged in any transactions involving staking rewards or other tokens on Binance or any other platform. They emphasized that all insider token allocations are compliant with lockup agreements and other transfer restrictions.
These allegations surfaced when a pseudonymous crypto commentator accused the Sui Foundation of dumping rewards from locked and non-circulating staked SUI on Binance. The commentator claimed that SUI tokens held in the foundation’s wallet address were transferred to multiple addresses and eventually found their way to Binance. The Sui Foundation argued that the transactions were subject to contractual lockups, while the commentator speculated that the tokens were divided among team members or transferred to Binance to hide their selling activities.
DeFiSquared, the commentator, also raised concerns about the continuous selling pressure on SUI tokens and the Sui Foundation’s alleged inflation of the token’s supply. The Sui Network is a decentralized proof-of-stake blockchain that offers high transaction throughput and low fees. The SUI token currently has a market capitalization of $410 million, with approximately 604 million tokens in circulation.
Continue reading on Crypto.news
By
By
By
By
By
By