Sui token refuses to sink, despite dismissing allegations as baseless

Sui token fights to regain its standing despite denial of baseless allegations

Stay Afloat in the Sea of Allegations: SUI Token Battles Supply Manipulation Claims

Whoa, hold on tight, folks! The SUI token has hit some stormy seas after allegations of supply manipulation have rocked the boat. South Korean regulators have accused the Sui Foundation of playing a game of “hide and seek” with the token’s supply, leaving investors drenched in doubt.

Just when you thought it was smooth sailing, the SUI token took a nosedive of more than 9%. Ouch! It went from $0.41 on October 16th to a new low of $0.37 on October 18th, leaving investors scrambling for their life jackets. According to trusty data from CoinGecko, that’s a 7% decline in just two days. Can someone throw us a life preserver, please?

But fear not, brave investors! The Sui Foundation, the masterminds behind the layer-1 blockchain Sui, has come to the rescue with a statement that’s as strong as an anchor. In a post on (formerly known as Twitter), they blasted the supply manipulation allegations as “unfounded and materially false.” You go, Sui Foundation!

“The unfounded and materially false statements surrounding the supply of SUI tokens need to be addressed. There has never been any sale of SUI tokens by the Foundation after the initial Community Access Program (CAP) distributions. Period,” they declared, waving away the accusations like a skilled sailor navigating stormy waters.

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But wait, there’s more! The Sui Foundation released an additional statement to make sure their message was as clear as the blue ocean. They proudly proclaimed, “The circulating supply schedule displayed on the Sui Foundation public website and available through the public API endpoints is accurate.” It’s like they’re shouting from the bow of their ship, “We’re setting sail with complete transparency!”

However, the storms keep rolling in. South Korean news outlets TechM and Block Media revealed that regulators from the country have launched an investigation into the Sui Foundation. Talk about waves crashing against the hull! The South Korean Financial Supervisory Service (FSS) plans to dive deep and investigate the distribution of the SUI token. They’re not taking any prisoners, folks!

Representative Min Byeong-deok, a lawmaker from the Democratic Party of Korea, set off the cannonball by accusing the Sui Foundation of paying itself interest by staking coins that should have remained in the non-circulating supply. “Arr, they be pocketing treasures meant for the vault!” said Rep. Min. To add insult to injury, Rep. Min claimed that the Sui Foundation had also lied about the amount of SUI tokens in circulation. Shiver me timbers!

Seems like South Korean lawmakers are on a mission to put pirates in their place. They’ve had enough of the crypto shenanigans since the infamous collapse of Do Kwon’s Terra Money ecosystem in May 2022. Now, the FSS is gearing up to introduce a comprehensive set of crypto legislation as early as January next year. It’s like they’ve declared war on the crypto seas!

We reached out to the Sui Foundation for additional comments, but the response is still sailing across the vast ocean of communication. We’ll keep our eye on the horizon and let you know if they catch the wind and respond.

In the meantime, dear readers, keep your life jackets handy and stay vigilant. The seas of crypto can be treacherous, but with a bit of humor and a lot of knowledge, you’ll navigate the stormy waters like a true crypto captain. Stick with us, and we’ll make sure you stay afloat in this wild ride.

Ahoy, mateys! What do you think about these allegations and the SUI token’s turbulent journey? Are you holding onto your hat or jumping ship? Let us know in the comments below!

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