Sui Foundation denies it sold locked staking rewards on Binance

Cointelegraph
Cointelegraph

28 Jun 2023 2:29 AM

The Sui Foundation has muted claims that the firm transferred over 3.1 million SUI tokens from “locked” and “non-circulating” staking rewards to Binance. ...

  • The Sui Foundation denies allegations of unlocking and selling SUI staking rewards on Binance.
  • The Foundation states that all insider token allocations are compliant with lock-ups and transfer restrictions.
  • Sui is a decentralized proof-of-stake blockchain where users can stake tokens for more SUI.
  • Pseudonymous commentator @DeFiSquared accuses the Foundation of dumping locked and non-circulating staked SUI on Binance.
  • DeFi Squared claims that SUI tokens were transferred to Binance multiple times, potentially to obfuscate selling or distribute among team members.
  • The SUI token has a market cap of $427.7 million with a circulating supply of about 604 million tokens.
  • The Foundation plans to publish a detailed projection of the token release schedule.

The article presents conflicting claims between the Sui Foundation and @DeFiSquared. The Foundation denies the allegations, while DeFi Squared accuses them of dumping tokens on Binance. The sentiment is neutral, as it provides information without taking a clear stance.

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You May Ask

What is the Sui Foundation accused of by @DeFiSquared?How does Sui's proof-of-stake mechanism work?What is the current market cap and circulating supply of the SUI token?When is the next token unlock scheduled, according to Token Unlocks?What does the Sui Foundation plan to publish soon?

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