Sui token struggles to regain despite denial of ‘unfounded’ allegations
Sui’s native SUI token has struggled to regain ground after plunging more than 9% amid allegations from South Korean regulators, which have accused the Sui Foundation of manipulating the supply of the token for its own gain.
SUI token gained a little under 1% in the last 24 hours after falling from $0.41 on Oct. 16 to new lows of $0.37 on Oct. 18. Current prices mark a 7% decline in just two days, according to data from CoinGecko.
In an Oct. 18 post to X (formerly Twitter), the Sui Foundation — the organization behind layer-1 blockchain Sui — slammed the allegations of supply manipulation as “unfounded and materially false.”
“We want to address some inaccuracies that have been reported today,” said the Sui Foundation.
“The unfounded and materially false statements surrounding the supply of SUI tokens need to be addressed. There has never been any sale of SUI tokens by the Foundation after the initial Community Access Program (CAP) distributions. Period,” it explained.
We want to address some inaccuracies that have been reported today.
Sui Foundation has been and remains committed to cooperating with DAXA and its member exchanges in the spirit of full compliance and transparency.
The unfounded and materially false statements surrounding the…
The Sui Foundation’s stalwart post came in response to reports from South Korean news outlets TechM and Block Media, which said that regulators from the country had launched an investigation into the Sui Foundation.
According to the reports, the South Korean Financial Supervisory Service (FSS) said it would soon launch an investigation into the distribution of the Sui token following allegations made by Representative Min Byeong-deok, a lawmaker from the Democratic Party of Korea.
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