Sui Foundation Refutes Allegations of Staked Token Sale on Binance

Sui Foundation Refutes Allegations of Staked Token Sale on Binance

The Sui Foundation has taken a public stance, denying accusations that it sold staking rewards from its $SUI token on the Binance exchange.

In a recent statement, the foundation addressed concerns about the $SUI token supply and distributions, firmly rejecting the claim that it had sold any staking rewards or other tokens.

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This response comes after speculation arose online regarding a significant transfer from the Sui Foundation’s wallet address, “0x341f”.

It was observed that 3.125 million out of the total 27 million $SUI tokens were transferred, leading some to assume that staked tokens were being sold. However, the Sui Foundation vehemently denies these allegations.

Despite these assertions, data displayed on CoinMarketCap shows that the actual inflation rate of the $SUI token is 20% per month.

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The SUI token currently boasts a market cap of $427.7 million with an approximate circulating supply of 604 million tokens. As of the time of publication, SUI was trading at $0.71, marking a 2.4% decrease in value in the last 24 hours.

No further information has been provided regarding the locked and non-circulating staked $SUI on Binance, leaving room for ongoing speculation in the market. The initial claim was made by DeFiSquared, but it appears that the debate on this matter will persist until more conclusive evidence is presented.

Compiled by Coinbold


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