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The Sui Foundation has responded to allegations of insider sales following the recent surge in the price of the SUI token. The non-profit organization behind the Sui blockchain denied claims that employees or investors sold $400 million worth of tokens during the rally.
Sui Foundation Denies Insider Sale Claims Amid Token Surge
In a statement, the Sui Foundation said, “Neither the Foundation, nor Mysten Labs employees (including its founders), nor ML investors, have individually or collectively sold $400 million worth of tokens during this period.”
Anonymous Analyst’s Allegations
The allegations came from Lightcrypto, a crypto analyst on X (formerly Twitter), who accused insiders of liquidating SUI tokens during the rally. Lightcrypto’s analysis linked the wallets responsible for these alleged sales to the initial coin offering (ICO) of Sui, although no specific wallet addresses were provided.
In his tweet, Lightcrypto wrote, “It’s unsettling that those who built this ecosystem, and arguably know the token’s value best, are unloading hundreds of millions of dollars on less informed buyers chasing momentum.” His comments have raised questions about the token’s valuation and the blockchain’s performance.
Token Price Growth
The price of SUI has seen significant growth over the past month, rising 100%, with a 19% increase last week alone. According to The Block’s SUI price page, the token is currently trading at $2.22, though it has dipped by 0.17% in the last 24 hours.
The Sui Foundation also clarified that the wallet in question belongs to an infrastructure partner holding tokens under a lock-up program.
“The lock-up periods for all tokens are enforced by qualified custodians and are continuously monitored by the Sui Foundation. This partner remains in full compliance,” the Foundation added.
For more updates on the latest developments in the SUI token market and beyond, follow Turkish NY Radio.
