Sui refutes accusations of sale of US$400 million in SUI tokens by insiders

by Stephen Douglas
0 comments
Sui refutes accusations of sale of US$ million in SUI
Follow Us

Follow Us @

Sui refutes accusations of sale of US$400 million in SUI tokens by insiders
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.

Layer 1 blockchain Sui last Monday countered accusations that insiders had sold $400 million worth of SUI tokens during a recent price rally. The allegations surfaced following rumors that insiders, including a wallet allegedly linked to Sui’s foundation, had benefited from the tokens’ rapid rise in value last month.

In response, Sui published a statement on X (formerly Twitter), denying the accusations. Furthermore, the team clarified that no insiders, including employees of the Sui Foundation, Mysten Labs (blockchain core development team) or their investors, would have sold tokens.

Concerns arose after SUI’s fully diluted market value (FDV) reached $23 billion. Some members of the crypto community considered this value exaggerated in relation to the project’s current stage of development.

The blockchain’s native token, SUI, is up more than 90% over the past month, although it has seen a drop of more than 5% on the day, according to data from CoinGecko. To date, Sui has not responded to requests for additional comment.

Sui denies selling tokens by insiders

In the statement, the team behind the blockchain suggested that the wallet involved likely belonged to an infrastructure partner, whose tokens are still under a lockup agreement monitored by qualified custodians. Sui reinforced that there was no advance sale or violation of blocking agreements.

Despite the clarification, some users question whether the appreciation of SUI is justified, especially when compared to competing projects such as Solana. Speculation that insiders could be liquidating their holdings has led to doubts about the project’s long-term viability.

Kyle Samani, managing partner at Multicoin Capital, expressed skepticism about Sui’s denial, stating in a Twitter post:

“This was written in a purposefully ambiguous way. Maybe insiders sold $399 million. Who knows? The obvious part that was excluded from the list is the foundation itself! DYOR (do your own research).”

Other community members shared the same sentiment, pointing out the fine line between an infrastructure partner and an insider.

Sui refutes accusations of sale of US$400 million in SUI tokens by insiders

Follow TODAYSGIST on Google News  and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!

Sui refutes accusations of sale of US$400 million in SUI tokens by insiders

SHARE POST AND EARN REWARDS:

Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program

FIRST TIME REACTIONS:

Sui refutes accusations of sale of US$400 million in SUI tokens by insiders

Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.

JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >

Sui refutes accusations of sale of US$400 million in SUI tokens by insiders

#Sui #refutes #accusations #sale #US400 #million #SUI #tokens #insiders

You may also like

Leave a Comment

About Us

Today’s Gist is your go-to source for breaking news updates, entertainment, cryptocurrency insights, and more, keeping you informed and engaged daily