The Sui Foundation Refutes Claims of Selling SUI Staking Rewards

The Sui Foundation, the group behind the Sui network and its SUI token, has refuted claims that they unlocked SUI staking rewards and then sold them on the crypto exchange Binance.

The Foundation refuted the claim in a series of five tweets on June 27, asserting that none of the locked or non-circulating tokens, including SUI staking rewards, had been sold.

“It should be noted that all token allocations allocated to insiders must remain in accordance with any lock up periods and other restrictions on transfer,” the foundation stated.

Sui is a blockchain that operates on a decentralized proof-of-stake system. Individuals can stake their Sui tokens in order to take part in the proof-of-stake mechanism and receive additional SUI in return. There is no need to commit to a minimum staking period.

DeFi Squared Accuses Sui Foundation of Dumping Locked SUI Tokens

In response to allegations made by @DeFiSquared in a June 27 Twitter thread, Sui recently denied the accusation that the Sui Foundation was “dumping rewards from *locked* and *non-circulating* staked SUI” on Binance.

Sui stated that certain deals were bound by a “contractual lockup,” yet DeFi Squared declared that the SUI tokens could be unlocked “without limitation.”

The DeFi-focused commentator asserted that 3.125 million of the total 27 million SUI in staking rewards from Sui Foundation’s wallet address, “0x341f”, were moved to three distinct addresses and then sent to Binance.

DeFi Squared asserted that this process had happened multiple times in the past, with “most of it” eventually being listed on Binance.

The majority of the funds eventually make their way to Binance, whether it be divided up between multiple people or to conceal the sale. Regardless, the majority of it is ultimately being sent to Binance.

A report has revealed that over $204 million was lost in DeFi hacks and scams during the second quarter.

The commentator remarked that their interest was aroused in May due to SUI’s seemingly unending sell pressure, while failing to release an emissions graph independent from Binance’s launchpad, which allegedly was not valid. Notably, they asserted that the foundation was increasing the supply of the SUI token by approximately 20% each month for those who do not belong to the foundation.

Mysten Labs, the creators of the Sui Foundation, have designed Sui’s blockchain to provide users with high transaction throughput at low fees.

The circulating supply of SUI tokens is around 604 million, and CoinMarketCap estimates the market cap of the token to be $427.7 million. As of now, SUI is trading for $0.70, which is a decrease of 2.4% in the past day.

Token Unlocks Announces $43 Million Token Unlock for June 3

The Sui Foundation announced that they will be releasing a comprehensive outline of the token release schedule in the near future.

The tokenomics dashboard Token Unlocks has announced that the next unlock of 61 million tokens worth $43 million is set for June 3.

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