SUI didn’t even get two months of existence what is one controversy bursts. The promoters of the project are said to have used the investors’ assets without their knowledge. There Sui Foundation denies everything. Decryption!
SUI, a new crypto white elephant?
The launch of Sui Network by Mysten Labs last may left the crypto community speechless. As soon as it was released, cryptocurrency exchanges like Bybit, OKX, Binance and Kucoin immediately listed it.
But these 8 weeks of peaceful existence will probably end. Or at least, the continuation of the SUI adventure will be eccentric.
Because the recent revelation of Cointelegraph turns out to be problematic. Indeed, the team behind the Sui Network and the SUI token would have been the subject of a accusation of unlocking and selling SUI staking rewards on Binance.
Sui Foundation immediately denied these rumors.
” Sui Foundation did not sell staking rewards or other tokens from blocked or non-circulating SUI on Binance or otherwise [exchange].
All insider token allocations remain subject to and comply with their locks and other transfer restrictions. »
The hand of the foundation caught in the bag
The decentralized blockchain PoS Sui may well advocate the transparencybut it seems to lack evidence to refute these allegations of unauthorized sales.
However, the revealer of the secret, DefiSquared is heavily armed with evidence.
” On May 31, 0x342f sends 2,500,000 SUI rewards to 0x209f. 0x209f then sends 625,000 SUI to 3 different addresses, all of which land on Binance, but for simplicity we’ll just track the 625,000 sent to 0x03d8. »
In response, the SUI Network team made this modest argument: a payment subject to a contractual lock-in “.
And what do you think piqued his curiosity?
” My curiosity was piqued last month by the seemingly endless selling pressure from SUI. Curiously, CoinMarketCap only showed new issues once a month, from its launchpad. Meanwhile, the SUI team *refuses* to publish an actual emissions chart. A strange choice for a legitimate project. »
The DefiSquared Twitter thread also highlighted a Sui Foundation habit of sharing SUI emission data pulled from the Binance Launchpad. And paradoxically, she criticizes the veracity of these statistics by considering that ” the real model does not necessarily follow this graph and will not be published “.
Gold :
” Continuous staking issuances amount to approximately 33,000,000 additional SUI issued per month. Of the 600 million SUIs in circulation, approximately 250 million are unfounded SUIs, meaning that these emissions represent a 10% increase in unfounded SUIs in circulation. »
Hence the question: is SUI also a shitcoin who would tarnish the image of bitcoin?
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
