On Tuesday (October 15), the SUI token, a potential public chain that has performed well recently, fell against the trend, and once fell to $2.1848 in the early Asian market. The cryptocurrency market reported that insiders sold the public chain at high prices. However, the foundation's statement emphasized that it did not violate any sales ban regulations.

After hitting a new high of $2.3500 on Monday, the SUI token began to pull back and fluctuated around $2.2500. However, at about 7 a.m. on Tuesday, SUI fell rapidly from $2.2800 to a low of $2.1848, a drop of 4.38% in two hours.

The reason investors are panicking is that the SUI token’s decline comes just as Bitcoin is heading for a critical breakout above $66,500.

There were reports in the cryptocurrency market that insiders of the SUI public chain sold tokens worth $400 million during the rise.

However, the SUI Foundation subsequently issued two statements in response to the rumors that kept spreading in the market. The foundation stated: "First, during this period, no insiders, foundation or Mysten Labs employees (including the founder of Mysten Labs) or ML investors sold $400 million worth of tokens individually or collectively. Insiders did not engage in any preemptive selling or violations of the lock-up period and circulation supply plan."

“Second, although the poster did not provide a wallet address, we believe the possible owner of the wallet is an infrastructure partner who owns tokens under the lock-up program. All token lock-ups are performed by qualified custodians and are continuously monitored by the Sui Foundation, and the partner is compliant.”

The market did not fully accept the response of the SUI Foundation, and there are still doubts. The community suggested that "infrastructure partners with tokens" sounded like insiders.

Beanie, a crypto opinion leader (KOL) with more than 200,000 followers on Twitter, also posted a message, emphasizing that the foundation's statement was disappointing.

In response, Mysten Labs co-founder and CEO Evan Cheng once again clarified that no one sold $400 million worth of SUI tokens.

He continued, whether it is an infrastructure partner, or the SUI Foundation or Mysten Labs. The statement stated that the wallet belongs to the infrastructure partner to make it clear that it does not belong to the foundation.

He stressed: “The only ‘statement’ in the original post was that the tokens had been moved to a different wallet.”

Evan's clarification indicated that the infrastructure partner only transferred the tokens to different wallets, but the tokens it held were still subject to the lock-up period, and the partner did not violate the lock-up rules, so it did not sell these tokens.

In response to market rumors that "a large crypto exchange is selling SUI tokens", Evan also responded: "Who is selling? We haven't heard of it. What's the secret? Some people also say that insiders are selling. Ask them to provide information. We don't know who you are referring to."