Foundation denies allegations of selling locked SUI rewards on Binance
- The foundation emphasizes that the reported market value has never been exceeded
- Trader DeFi Squared raises suspicions about the SUI token and the foundation’s actions
Sui Foundation Denies Selling Locked SUI Rewards on Binance
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The Sui Foundation, the organization behind Sui Network (SUI), has responded to allegations that locked SUI rewards were sold on Binance. In a recent social media post, the foundation stated that all unlocking events are progressing according to the roadmap and clarified that they have not sold any SUI or any other tokens on Binance.
Foundation Denies Exceeding Reported Market Value
The foundation emphasized that the reported market value has never been exceeded, addressing concerns raised by trader DeFi Squared. DeFi Squared had expressed suspicion about the continuous selling pressure on SUI and the lack of an official roadmap from the foundation.
Trader Raises Suspicions about SUI Token and Foundation’s Actions
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DeFi Squared, a popular trader, raised concerns about the SUI token and the actions of the Sui Foundation. The trader alleged that the foundation holds 3 billion locked SUI tokens and transferred 3.1 million tokens to different wallets before sending them to Binance. This raised questions about the foundation’s control over the circulating supply and the possibility of making tracking difficult by splitting the funds into multiple wallets.
The trader also highlighted the decrease in SUI’s purchasing power, which has weakened by 20% monthly. This loss in purchasing power is even higher than that of the Venezuelan Bolivar, which experienced hyperinflation in 2022.
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Following the allegations, the SUI token experienced a decline in value, dropping over 7.5% from $0.741 to $0.685. In the past 30 days, SUI has lost approximately 35% of its value, according to Coingecko data.
It is important to note that the Sui Foundation has denied all allegations and stated that they are committed to following their roadmap and ensuring transparency in their actions.