The team behind the Sui network and its native SUI token has denied allegations that they unlocked SUI staking rewards and “dumped” them to cryptocurrency exchange Binance.
Sui Foundation repels claim In a five-part Twitter thread on June 27, it was stated that no locked or uncirculated tokens were sold, including SUI staking rewards:
“The Sui Foundation has not sold staking rewards or any other tokens from locked and non-negotiable staked SUI on Binance or elsewhere.”
“All internal token distributions remain subject to lock-ups and other transfer restrictions,” the foundation added.
The purpose of this communication is to share information about the token economics of the Sui Network, including the SUI Token supply and certain distributions of SUI Tokens. Here’s what you need to know:
— Sui Foundation (@SuiFoundation) June 27, 2023
Sui is a decentralized proof-of-stake blockchain. Users can stake their Sui tokens to participate in its proof-of-stake mechanism in exchange for more SUI. There is no minimum pledge period requirement.
Sui’s latest denial comes in response to claims made by anonymous cryptocurrency commentator DeFiSquared on Twitter on June 27 Wirethey accused the Sui Foundation of “dumping rewards from ‘locked’ and ‘non-circulating’ staked SUI” on Binance.
Exclusive new research from SUI:
Deliberately misrepresenting emissions and demonstrating that the team itself is dumping rewards for “locked” and “non-negotiable” staked SUI onto Binance. (1/12) pic.twitter.com/jYRyeTFY56
— DeFi^2 (@DefiSquared) June 27, 2023
While Sui stated that specific transactions are subject to “contractual locks,” DeFi Squared stated that SUI tokens can be unlocked “without restrictions.”
The DeFi-focused expert claimed that the Sui Foundation’s wallet address “0x341f” transferred 3.125 million of the 27 million SUI staking rewards to three different addresses and then to Binance.
The specific transactions referred to are payments subject to contractual lock-ups.https://t.co/ViYxQoJMos
— Sui Foundation (@SuiFoundation) June 27, 2023
DeFi Squared claims that this process happened many times before “most of it” ended up on Binance:
“While the amount was split multiple times, most of it ended up in Binance. It could have been to mix up the sale, or it could have been distributed to different team members. But either way, most of it ended up in Binance .”
related: DeFi Hacks and Scams Lose Over $204 Million in Q2: Report
Narrator explain In May, SUI’s “seemingly relentless selling pressure” piqued their “curiosity,” while failing to publish a chart of emissions independent of Binance Launchpad, which was allegedly illegal. Notably, they claim that the foundation is increasing the supply of SUI tokens for non-foundation token holders by ~20% month-on-month:
“That’s higher than inflation in the hyperinflationary Venezuelan bolivar in 2022.”
Sui’s blockchain is designed to provide users with high transaction throughput at low fees, according to Thanks to Mysten Labs, creators of the Sui Foundation.
The current market cap of the SUI token is $427.7 million, with a circulating supply of approximately 604 million tokens, according to to CoinMarketCap. At press time, SUI is trading at $0.70, down 2.4% over the past 24 hours.
Sui Foundation explain It will soon publish a “detailed forecast” of the token launch schedule.
The next unlock of 61 million tokens ($43 million) is scheduled for June 3, according to Go to Token Economics Dashboard to unlock tokens.
Magazine: Web3 Gamer: Director of District 9 Shooter, Decentraland Red Light District Battle
Svlook
