The Sui Foundation, the organization behind the SUI cryptocurrency, has denied that insiders, company employees, or Mysten Labs sold $400 million worth of the coins during the recent price surge.
“Not a single insider, neither the fund’s employees, nor Mysten Labs (including the founders), nor ML investors sold $400 million worth of tokens during this period, either individually or collectively. Insiders did not engage in any pre-emptive selling or violation of the lockup and circulating supply rules,” the statement reads.
The Sui Foundation emphasized that an infrastructure partner may be behind the deals, but a violation of the coin unlocking schedule is excluded.
The foundation's statement came after a post by user X, nicknamed light, who claimed that insiders had sold $400 million worth of coins. He identified wallets associated with the initial distribution of SUI.
“[…] It is no consolation that the people who create this ecosystem, the people who perhaps know the value of this token best, are dumping hundreds of millions of dollars worth of coins on less-informed, impulse-driven buyers […],” light said in a statement.
Since August 5, SUI has grown by 400%, recently reaching a new historical maximum.
Previously, Sui blockchain-related company Mysten Labs announced that it had begun testing the use of mobile networks and radio waves for offline cryptocurrency transactions.
As a reminder, in September Grayscale added SUI to its top 20 promising assets for the fourth quarter.
