Sui Foundation denies claims of a $400 million insider deal in SUI tokens

What’s new? The Sui community has accused the blockchain team of conducting insider trades with the SUI native token. It is alleged that players close to the project sold $400 million worth of tokens on the open market after the price spike on October 14. An anonymous blockchain analyst under the nickname Lightcrypto claimed to have identified wallets associated with the initial distribution (ICO) of SUI.

Source: X.com

What else is known? The Sui Foundation, a non-profit organization created to support the blockchain, has refuted the claim. The team assures that neither Sui Foundation, Sui’s developer company Mysten Labs, nor Mysten Labs investors or, insiders sold coins worth that amount cumulatively or individually during the period in question.

Source: X.com

The Sui Foundation suggested that the wallet that made a large transaction may belong to an infrastructure partner who owns the blocked SUI.

The asset has a maximum supply of 10 billion SUI, with nearly 2,8 billion coins currently in circulation. The rest will be gradually removed from the blocking until 2030 inclusive.

Overall, the coins are distributed in several ways: rewards to the staking community (50%), public sale participants (20%), early-stage investors (14%), project development and management (10%), and rewards for testing and promoting Sui (6%).

According to Token Unlocks, 4,59 million SUI are being withdrawn from the lock this month.

In a new statement, the Sui Foundation emphasizes that the unlocking of tokens is carried out by qualified custodians under its supervision. The unnamed infrastructure partner allegedly involved in the transaction is also compliant, the company said.

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SUI ranks 22nd in the overall cryptocurrency market capitalization ranking with a market cap of $6,18 billion and is trading at $2,24, down by 0,7% overnight. Meanwhile, the asset hit an all-time high of $2,34 on October 14. Weekly growth amounted to 10,2%, and since the beginning of the year, the asset has risen in price by 188%.