Sui Foundation Denies Selling Staking Rewards from Locked $SUI on Binance

Sui Foundation Denies Selling Staking Rewards from Locked $SUI on Binance

After being accused of selling staking rewards from locked $SUI, the Sui Foundation released a statement regarding the $SUI supply and distributions, saying that it hasn't sold staking rewards or any other tokens from locked and non-circulating staked $SUI on Binance or other platforms.

Yesterday, crypto trader DefiSquared claimed that the Sui team intentionally misrepresented the $SUI emission schedule and was dumping staking rewards from locked $SUI held by the foundation on Binance. According to DefiSquared, the actual inflation of $SUI token is 20% per month, and the actual supply and emissions of $SUI don't match the data shown on CoinMarketCap.

In its response, the Sui Foundation said, "the gradual addition to the $SUI token supply to add ecosystem liquidity has proceeded as planned and as previously communicated from the start. The market cap as reported by CoinMarketCap has never been exceeded. Sui Foundation has not sold staking rewards or any other tokens from locked and non-circulating staked $SUI on Binance or otherwise. All insider token allocations remain subject to and compliant with their lock ups and other restrictions on transfer."

Regarding the on-chain transaction DefiSquared provided as evidence, the foundation said it was "a payment subject to a contractual lockup". In addition, the Sui Foundation will publish a detailed projection of the token release schedule soon.

After the statement was released, DefiSquared said that the response was "somewhat ambiguous", and the claim that $SUI's market cap had never exceeded CoinMarketCap's display was "highly unlikely".

According to TokenInsight data, the price of $SUI dropped by 4.22% over the last 24 hours, trading at $0.710195 now.

Related: DeFi Analyst Accuse Sui Publish False Emission Chart and Team Dumping Staking Rewards

 

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Source

Sui

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