Sui Foundation Refutes Claims of $400M SUI Token Sell-Off by Insiders Amid Price Surge
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The Sui Foundation has denied allegations that insiders sold $400 million worth of SUI tokens during the cryptocurrency’s recent price surge.
The response comes after rumors surfaced accusing employees, investors, and other stakeholders of offloading significant portions of SUI during a recent rally in its value.
“No insiders, neither employees of the Foundation or Mysten Labs (including Mysten Labs founders), nor ML investors, have sold $400M worth of tokens during this period, either individually or combined,” the Sui Foundation said in a post on X.
“Insiders have not engaged in any preemptive selling or violated lockups and the circulating supply schedule.”
Following an allegation of “Sui insiders selling $400M in tokens throughout this run-up,” Sui Foundation would like to respond directly to this individual:
1. No insiders, neither employees of the Foundation or Mysten Labs (including Mysten Labs founders), nor ML investors,…
The foundation pointed to an infrastructure partner as the likely source of the token sales.
The partner’s tokens are subject to a vesting schedule, and the Sui Foundation reassured that all token lockups are enforced by qualified custodians.
The foundation also confirmed that the partner remains in compliance with these requirements.
SUI’s price surged by over 108% in the past 30 days, reaching an all-time high of $2.35 on October 13.
As of the latest data, SUI holds a market cap of approximately $6.18 billion, making it the 21st-largest cryptocurrency.
The accusations first emerged when a pseudonymous
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