Sui Foundation Denies Allegations Of Manipulating Token Supply
The native blockchain token SUI fell 9% after the director of the South Korean Financial Supervisory Service announced an investigation into supply manipulation by the Sui team. Regulatory chief Lee Bok-Hyeon will review SUI’s behavior to determine whether the team intentionally inflated supply through staking or dishonest disclosure.
According to a Sui Foundation spokesperson, the organization wants to eliminate unsubstantiated and materially false statements regarding the SUI token supply. Contrary to recent speculation, the organization never sold SUI after the initial distribution under the Community Access Program. In addition, the Sui Foundation has been and remains committed to working with DAXA and its member exchanges in a spirit of full compliance and transparency. The circulating supply chart displayed on the Sui Foundation’s public website is accurate.
SUI is trading near an all-time low of $0.3796, down about 78% from its May debut, according to CoinMarketCap. According to token.unlocks, $336 million worth of tokens have been unlocked since release, of which $72 million was allocated to staking, $129 million was allocated to the community reserve, and $139 million was allocated to the community access program. Series A and B investors will have access to their tokens in July 2024, with $290 million worth of assets expected to be unlocked.
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