The post Sui Foundation rebuffs allegations of insiders selling tokens worth $400 million appeared on BitcoinEthereumNews.com.

The Sui Foundation has firmly denied recent speculation alleging insider trading following a $400 million sale of SUI tokens during the latest price surge. The foundation emphasized that there has been no premature selling or breach of lock-up agreements in an Oct. 14 post on X. It added: “No insiders—including employees of the Foundation, Mysten Labs (or its founders), and Mysten Labs investors—have sold $400 million worth of tokens during this period, either individually or collectively.” The Sui Foundation further stated that the schedule for all locked tokens remains intact. Allegations The statement comes after certain crypto members of the community raised concerns over the sale and alleged that it was conducted by ICO-era wallets. The Sui Foundation suggested that the allegations might be referring to a wallet managed by an “infrastructure partner.” This unnamed partner reportedly holds tokens under a lockup schedule and, according to the Foundation, remains compliant with all enforced lockup conditions. Despite the reassurances, some in the crypto community remain skeptical. Kyle Samani, managing partner at Multicoin Capital, criticized the Foundation’s statement, arguing that it was “written as deceptively as possible.“ Posted In: Sui, Crypto, Tokens Editor Editor Assad Jafri Editor & Reporter at CryptoSlate AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Source: https://cryptoslate.com/sui-foundation-rebuffs-allegations-of-insiders-selling-tokens-worth-400-million/

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Filed under: News - @ October 15, 2024 4:27 pm