đ„đ„ Sui Foundation Accused of $400 Million Insider Trading Amid Token Surge đ„đ„
Allegations of Insider Trading
Pseudonymous crypto analyst Lightcrypto claims insiders sold $400 million worth of Sui tokens during the recent price surge.
The analyst identified wallets linked to the Sui initial coin offering as the sources of the sales, though specific addresses were not disclosed.
Concerns Raised
Lightcrypto expressed concern that those most knowledgeable about the token's value are unloading significant amounts to less informed investors chasing momentum.
The analyst questioned whether Suiâs recent price increase accurately reflects the blockchain's potential.
Response from the Sui Foundation
A non-profit organization supporting the Sui chain denied the allegations, stating that neither insiders, employees of the Foundation, nor Mysten Labs investors sold $400 million in tokens during this timeframe.
The Sui Foundation suggested that the sale may have been conducted by an infrastructure partner holding tokens under a lock-up schedule.
Compliance and Monitoring
The Foundation assured that all token lockups are managed by qualified custodians and continuously monitored for compliance.
Market Reaction
Following its all-time high, Sui is currently experiencing local volatility and a bearish trend, prompting investors to closely observe the situation and its potential effects on the token's valuation.
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