Revealing the whales who transferred tens of millions of SUI to Binance, OKX, etc. during the rise of SUI. The tokens originally came from Sui Foundation
Foreword: Light said that during the rise of SUI, Insiders, a suspected large foundation wallet, sold about $400 million in tokens. Sui Foundation replied that although Light did not publish the address, no insiders, foundations, or employees sold it, and believed that Light was referring to Sui's infrastructure partners
Through on-chain data, Light should be referring to the pledge account 0x7f3bâŠ3239e4 and the associated address groups 0xbe90âŠ950aa8 and 0x457fâŠ6715e7, etc.
The pledge account 0x7f3bâŠ3239e4 currently pledges 183 million SUI, which is now worth about $418 million. Since late June, 0xbe90âŠ950aa8 has redeemed more than 82.6 million SUI from the staking account. This address 0xbe90âŠ950aa8 exists more as a transit address (currently 0xbe90âŠ950aa8 still holds about 10 million SUI), and then it will be split as much as possible in a small but high-frequency form to 0x457fâŠ6715e7, which is closely related to Binance, OKX and Bybit exchanges, and then enter these exchanges.
Clayop discovered in August last year that the staking account 0x7f3bâŠ3239e4 is inextricably linked to the Sui Foundation, and the sale from this account (transfer to CEX) is not just a recent thing. The initial 310 million SUI in the pledge account 0x7f3bâŠ3239e4 was transferred from the Sui Foundation: 0x341fâŠ17fae1 (it is considered to be the Sui Foundation because it pledged 2.36 billion SUI, of which 2.25 billion was pledged and 107.6 million was pledged as rewards).
In addition, the Korean media Block Media also noticed the above wallet dynamics in June this year. It pointed out that from the Sui Foundation: 0x341fâŠ17fae1 -> pledge account 0x7f3bâŠ3239e4 -> distribution address 0xbe90âŠ950aa8, no tokens were transferred to Upbit, but to Binance, OKX and Bybit, which may also be related to Travel Rules.
Upbit had a very large trading volume in the early days of SUI, and is still the second largest SUI trading market after Binance, with Binance accounting for 16.5% and Upbit accounting for about 7.5%. In the early days of SUI listing, Upbit once occupied more than 20% of the trading volume.Last year, SUI was the subject of controversy in a South Korean parliamentary audit due to its opaque allocation management.
