Sui Foundation denies it sold locked staking rewards on Binance

Sui Foundation, the team behind Sui Network and its native SUI token, has denied allegations that the company unlocked the SUI staking reward and “dumped” it on cryptocurrency exchange Binance.

Foundation knocked it back Claim In a five-part Twitter thread on June 27, it stated that none of its locked or uncirculated tokens, including SUI staking rewards, have been sold.

“The Sui Foundation does not sell staking rewards or other tokens from non-circulating staking SUI locked on Binance or others.”

“All Insider Token allocations will continue to be subject to and adhered to by lockups and other transfer restrictions,” the foundation added.

The purpose of this communication is to share information regarding the tokennomics of the Sui Network, including the supply of SUI tokens and the specific distribution of SUI tokens. Here’s what you should know:

— Sui Foundation (@SuiFoundation) June 27, 2023

Sui is a decentralized proof-of-stake blockchain. Users can stake their Sui tokens to participate in a proof-of-stake mechanism in exchange for more SUI. No minimum staking period required.

Sui’s latest denial was in response to allegations made by a pseudonymous crypto commentator @DeFiSquared On Twitter on June 27th threadThere, they accused the Sui Foundation of “dumping rewards from *locked* non-circulating* stake SUI on Binance.”

Exclusive new research on SUI:

Intentionally misrepresenting emissions to prove that the team itself is dumping rewards from *locked* non-circulating* stake SUI on Binance. (1/12) pic.twitter.com/jYRyeTFY56

—DeFi^2 (@DefiSquared) June 27, 2023

Sui said certain transactions are subject to “contractual lockups,” but Defi Squared said SUI tokens can be unlocked “without restrictions.”

DeFi-focused commentator claims Sui Foundation wallet address ‘0x341f’ transferred 3.125 million out of total staking rewards of 27 million SUI to three separate addresses and then to Binance Did.

The specific transaction mentioned was a payment subject to a contractual lockup.https://t.co/ViYxQoJMos

— Sui Foundation (@SuiFoundation) June 27, 2023

DeFi Squared claimed that this process took place multiple times before “most of it” reached Binance.

“The amount is split many times, but most of it ends up on Binance. But nonetheless, most of it ends up on Binance.”

Related: Over $204M Lost in DeFi Hacks and Frauds in Q2: Report

commentator Said In May, their “curiosity was piqued” by SUI’s “endless selling pressure” while they were unable to publish a separate emissions chart from Binance’s launchpad, but this It probably wasn’t legal. Notably, they claimed that the Foundation was inflating the supply of SUI tokens to non-Foundation token holders by about 20% month over month.

“This is higher than the Venezuelan Bolivar’s rate of inflation during hyperinflation in 2022.”

Sui’s blockchain is designed to provide users with high transaction throughput at low fees. according to To Mysten Labs, founder of the Sui Foundation.

The market cap of SUI tokens is currently $427.7 million from a circulating supply of approximately 604 million tokens. according to Go to Coin Market Cap. SUI is trading at $0.70 at press time, down 2.4% over the past 24 hours.

Sui Foundation Said The company plans to publish a “detailed forecast” of the token release schedule in the near future.

The next unlock of 61 million tokens ($43 million) is scheduled for June 3rd. according to Go to Tokennomics Dashboard Unlock Tokens.

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