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Sui Foundation refutes allegations of selling staking rewards on Binance

sui-foundation-refutes-allegations-of-selling-staking-rewards-on-binance
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Sui Foundation refutes allegations of selling staking rewards on Binance

In a recent series of Twitter posts, the team behind the Sui network and its native SUI token refuted allegations claiming that they had unlocked SUI staking rewards and subsequently “dumped” them on the cryptocurrency exchange Binance.

According to the foundation, the Sui Foundation has not engaged in any transactions involving staking rewards or other tokens from locked or non-circulating staked SUI on Binance or any other platform.

Furthermore, the Sui Foundation emphasized that all insider token allocations are subject to and compliant with lockup agreements and other transfer restrictions. This assertion aimed to dispel concerns surrounding the alleged unauthorized transfer of tokens.

Allegations of token dumping and unauthorized transfers

The allegations surfaced when a pseudonymous crypto commentator, DeFiSquared, published a Twitter thread on June 27, accusing the Sui Foundation of dumping rewards from locked and non-circulating staked SUI on Binance.

The individual suggested that SUI tokens held in the Sui Foundation’s wallet address were transferred to multiple addresses, eventually finding their way to Binance. DeFiSquared claimed that this process had occurred numerous times, indicating a potential pattern of token dumping.

While the Sui Foundation stated that the specific transactions were subject to contractual lockups, DeFiSquared argued that the SUI tokens could be unlocked without restrictions, leading to their potential transfer. The commentator speculated that these tokens might have been divided between team members or transferred to Binance to obscure their selling activities.

DeFiSquared’s curiosity was initially aroused in May when they observed what they perceived as continuous sell pressure on SUI tokens. They also alleged that the Sui Foundation failed to publish an emissions chart separate from Binance’s launchpad, questioning its legitimacy.

Furthermore, the commentator claimed that the Sui Foundation is inflating the supply of the SUI token by approximately 20% month-on-month for non-foundation token holders, comparing this inflation rate to that of the hyperinflating Venezuelan Bolivar in 2022.

Sui Network, a decentralized proof-of-stake blockchain, is designed to offer users high transaction throughput with low fees. Mysten Labs, the creators of the Sui Foundation, have emphasized these features as part of their blockchain’s value proposition.

At the time of writing, the SUI token boasts a market capitalization of $410 million, with approximately 604 million tokens in circulation, according to CoinMarketCap. Furthermore, SUI is trading at $0.67, reflecting a 6.67% drop in the past 24 hours.

Sui Foundation refutes allegations of selling staking rewards on Binance - 1
SUI/USD 24 hr price chart | Source: CoinMarketCap
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