A user under the pseudonym lightcrypto accused the Sui project team of “insider trading” amid rising asset prices. The sui Foundation denied this.
One thing that I’ve found more and more baffling in the last few weeks is the vertical ascent of SUI, with it quintupling off the lows (Ex 1). The market is starved for winners, and believes it has found one here, yet it all feels awfully chintzy for two reasons that I think feed… pic.twitter.com/VKISXpdxp1
— light (@lightcrypto) October 14, 2024
Lightcrypto noted that the Sui token (SUI) is overvalued. He also said that insiders, including the alleged Sui Foundation wallet, have sold assets worth $400 million and continue to do so, seeking to lock in profits.
He did not disclose specific wallets, noting participants in the project’s initial coin offering (ICO) as “insiders.”
The Sui Foundation commented on the situation. It was stated here that not a single insider, including members of the project team and employees of Mysten Labs, sold such a volume of the asset, either separately or together.
Following an allegation of “Sui insiders selling $400M in tokens throughout this run-up,” Sui Foundation would like to respond directly to this individual:
1. No insiders, neither employees of the Foundation or Mysten Labs (including Mysten Labs founders), nor ML investors,…
— Sui (@SuiNetwork) October 14, 2024
They noted that the wallet that lightcrypto noticed is probably associated with one of the infrastructure partners. The organization emphasized that he complied with all requirements regarding the vesting of tokens.
The daily chart of the SUI price shows a drawdown of more than 2%. Whether it is related to the situation is unknown at the time of writing, since the publication was posted before the current fall.
The asset price increased by more than 110% in a month and by 8.6% in a week.
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Source: Cryptocurrency
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