that Sui Sui
-1.70%
The foundation refuted social media claims of $400 million worth of insider selling on the public markets during a recent price rally, saying Monday that no such activity occurred from anyone inside the foundation or key contributor Mysten Labs.
“During this period, neither insiders, employees of the Foundation or Mysten Labs (including Mysten Labs founders), nor ML investors have sold $400 million worth of tokens, either individually or combined,” the non-profit group behind the Sui blockchain said. It was revealed.
The claim surfaced on Monday when anonymous cryptocurrency analyst Lightcrypto claimed that “insiders” had sold $400 million worth of Sui during the recent surge in the token’s price on X. Although specific wallet addresses were not disclosed, the wallet linked to the Sui initial coin offering was identified as an insider.
“It is not comforting for the people building this ecosystem – the people who know the value of these tokens best – to dump hundreds of millions of dollars in tokens to uninformed buyers seeking momentum,” they argued. In the same tweet, Lightcrypto questioned Sui’s recent surge and whether the blockchain has shown as much potential as the token is worth.
According to The Block Sui Pricing PageSui has surged nearly 100% in the past month and more than 19% in the past week. At the time of writing, it is trading at $2.22 and is down 0.17% over the past day.
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Meanwhile, the Sui Foundation speculated that the wallet that sold $400 million worth of Sui tokens would be owned by an “infrastructure partner” that would own the tokens according to a lock-up schedule.
“All token locks are enforced by qualified custodians and continuously monitored by the Sui Foundation to ensure that these partners are compliant,” the foundation said.
The Sui Foundation did not immediately respond to a request for further comment.
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