🚨 Sui Responds to $400M Insider Sale Allegations: Setting the Record Straight 🚨

The Sui ($SUI) team has come out swinging against allegations that executives dumped $400 million worth of tokens during the recent 120% surge. 🌊 As rumors swirled, crypto analyst Light claimed insiders were selling off tokens during the rally, causing unease across the community. Here’s what’s really going on. 👀

🛡️ Sui’s Defense: No Insider Sales, No Broken Rules

In an official statement on X, the Sui Foundation firmly denied the accusations:

💼 "No insiders or investors, including Mysten Labs and its founders, sold tokens."

🔒 The foundation stressed that token lockups remain enforced by qualified custodians, with no breaches in circulating supply plans.

The $400M insider sale theory pointed at possible ICO wallets, but Sui believes the address in question belongs to an infrastructure partner—with all actions monitored and compliant with the project’s rules.

⚡ The Market Impact

Despite the controversy, SUI remains one of the best-performing tokens in 2024, outpacing coins like TON. While the allegations have caused the token to dip 0.24% to $2.24 in the last 24 hours, the fundamentals and long-term outlook remain strong. 💪

🚀 What’s Next for SUI?

Sui’s statement is clear: No insider sales happened, and the team is committed to transparency and compliance. Will the token bounce back and continue its bullish run? Only time will tell, but market sentiment often shifts fast in the crypto space. 🌕

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