The Sui Foundation has firmly rejected recent allegations of insider trading tied to a $400 million sale of SUI tokens during a recent price surge. In an Oct. 14 post on X, the foundation stressed that no premature sales or breaches of lock-up agreements have occurred. They clarified:
“No insiders—including employees of the Foundation, Mysten Labs (or its founders), and Mysten Labs investors—have sold $400 million worth of tokens during this period, either individually or collectively.”
Lock-Up Schedule Remains Unchanged
The Sui Foundation also confirmed that the lock-up schedule for all tokens remains unchanged and fully intact.
Allegations Sparked by Community Concerns
These comments came in response to concerns raised by some in the cryptocurrency community. Members speculated that the sale may have been conducted by wallets associated with initial coin offerings (ICOs).
Wallet Linked to Infrastructure Partner
The foundation suggested that the allegations may involve a wallet held by an “infrastructure partner.” This partner, according to the foundation, is adhering to all lock-up conditions and continues to manage tokens under the set lock-up schedule.
Ongoing Community Skepticism
Despite these clarifications, skepticism persists within the crypto community. Kyle Samani, managing partner at Multicoin Capital, voiced criticism of the foundation’s statement, claiming it was “written as deceptively as possible.”
By addressing these concerns and maintaining transparency, the Sui Foundation aims to reassure the community while continuing to uphold its token sale policies.
The post Sui Foundation rebuffs allegations of insiders selling tokens worth $400 million appeared first on CryptoSlate.
