The Sui Foundation has strongly denied allegations circulating on social media that insiders sold $400 million worth of SUI tokens during the cryptocurrency's recent price surge. The foundation clarified that neither its team members nor employees of Mysten Labs (Sui's development company) engaged in such activities.
The Allegations and Foundation's Response
The claims originated from an anonymous crypto analyst known as "light," who asserted that "insiders" had sold $400 million in SUI tokens during its upward trajectory. Light identified wallets connected to Sui's Initial Coin Offering (ICO) as belonging to these alleged insiders but didn't disclose specific wallet addresses.
"What's troubling is that the people who built this ecosystem—those who arguably understand the token's value best—are dumping hundreds of millions in tokens onto momentum-chasing, less-informed buyers," light commented, expressing skepticism about whether Sui's blockchain has demonstrated potential justifying its token valuation.
Sui Foundation responded publicly on X, stating:
- No insiders—including employees, Mysten Labs founders, or investors—individually or collectively sold $400 million in tokens.
- The wallets in question likely belong to infrastructure partners holding tokens per locked vesting schedules.
- All locked tokens are managed by qualified custodians under continuous monitoring by Sui Foundation, with partners complying fully with regulations.
SUI Token Performance Highlights
- 30-day price increase: ~100%
- 7-day surge: Over 19%
- Current price (at publication): $2.22
👉 Explore more about SUI's market trends
FAQ Section
Q: Who made the insider trading allegations against Sui?
A: An anonymous analyst nicknamed "light" claimed insiders sold $400M in SUI tokens but provided no verifiable wallet evidence.
Q: How did Sui Foundation address these claims?
A: They denied any insider sales, clarifying that locked tokens are held by vetted partners under strict custody agreements.
Q: What’s driving SUI’s recent price surge?
A: While specifics vary, broader crypto market recovery and Sui’s ecosystem developments may be contributing factors.
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