Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
The Most Popular Altcoin of the Recent Period Responds to $400 Million Insider Selling Allegations! Here Are the Details

The Most Popular Altcoin of the Recent Period Responds to $400 Million Insider Selling Allegations! Here Are the Details

BitcoinsistemiBitcoinsistemi2024/10/15 13:39
By:Utku Yanık

The Sui foundation denied allegations that employees or investors sold $400 million worth of tokens during the rally.

The Sui Foundation has denied allegations of insider selling following the recent price surge of the SUI token. On Monday, the nonprofit organization behind the Sui blockchain denied allegations that employees or investors sold $400 million worth of tokens during the rally.

Sui Foundation Denies $400 Million Insider Dealing Allegations Amid Token Surge

“Neither the Foundation nor Mysten Labs employees (including Mysten Labs founders) nor ML investors individually or collectively sold more than $400 million worth of tokens during this period,” the Sui Foundation said in a statement.

The Pseudonymous Analyst’s Claims

The allegations came from crypto analyst Lightcrypto on X (formerly Twitter), who accused insiders of liquidating SUI tokens during the rally. Lightcrypto’s analysis linked the wallets responsible for these sales to the Sui initial coin offering (ICO), but no specific wallet addresses were disclosed.

“It brings no comfort that the people building this ecosystem who probably know the value of this token the most are dumping hundreds of millions of dollars on less-informed buyers chasing momentum,” Lightcrypto tweeted, casting doubt on the token’s valuation and the performance of its blockchain.

Token Price Increase

The price of SUI has seen significant growth, rising 100% in the past month and 19% in the past week. According to The Block’s SUI price page, the token is currently trading at $2.22, but has dropped 0.17% in the past 24 hours.

The Sui Foundation claimed that the wallet in question belongs to an infrastructure partner that holds the tokens under a lockup program.

“All token lockups are implemented by qualified custodians and continuously monitored by the Sui Foundation, and this is in mutual compliance,” the foundation added.

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Solana Drops 8% Below Realized Price for First Time Since 2022

Solana's SOL price drops 8% to $124, slipping below its realized price of $134 for the first time since May 2022.What Is Realized Price and Why Does It Matter?Reasons Behind SOL’s DeclineWill SOL Rebound?

Coinomedia2025/03/11 19:44

Final Call Before Arctic Pablo Coin’s Price Jumps! Best Crypto to Invest Now as Book of Meme & Cheems Ride the Hype

Discover the best crypto to invest in, including Arctic Pablo Coin's thrilling meme coin presale, Book of Meme's latest surge, and Cheems' growing momentum.Arctic Pablo Coin: The Meme Coin That Unveils Hidden MysteriesBook of Meme (BOME): The Return of Meme Culture in CryptoCheems: The Meme Icon Continues to ShineConclusion: A Golden Opportunity in the Meme Coin Market

Coinomedia2025/03/11 19:44

CBOE Seeks Approval for Staking in Fidelity’s ETH ETF

CBOE proposes allowing staking in Fidelity's Ethereum ETF, aiming to boost investor returns through staking rewards.How Staking Could Benefit ETF InvestorsSEC Approval is Key

Coinomedia2025/03/11 19:44