\n
![](\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/00b3791f-a462-462c-b9f3-fcdfad43c9ce.jpg\")
<\/p>\n
\n<\/p>\n
The team behind the Sui network and its native SUI token has denied allegations that they unlocked SUI staking rewards and \u201cdumped\u201d them on cryptocurrency exchange\u00a0<\/a>Binance<\/a>\u00a0.<\/p>\n The Sui Foundation knocked back the claim<\/a> in a five-part Twitter thread on June 27, stating that none of the locked or non-circulating tokens, including SUI staking rewards, had been sold:<\/p>\n “Sui Foundation has not sold staking rewards or any other tokens from locked and non-circulating staked SUI on Binance or otherwise.” <\/p><\/blockquote>\n “All insider token allocations remain subject to and compliant with their lock ups and other restrictions on transfer,\u201d the foundation added.<\/p>\n The purpose of this communication is to share information regarding the tokenomics of the Sui Network including the SUI token supply and certain distributions of SUI tokens. Here\u2019s what you need to know:<\/p>\n \u2014 Sui Foundation (@SuiFoundation) June 27, 2023<\/a><\/p><\/blockquote>\n Sui is a decentralized proof-of-stake blockchain. Users can stake their Sui tokens to participate in its proof-of-stake mechanism in exchange for more SUI. No minimum staking period is required.<\/p>\n Sui\u2019s recent denial was in response to claims by pseudonymous crypto commentator\u00a0DeFiSquared in a June 27 Twitter thread<\/a>, where they accused the Sui Foundation of \u201cdumping rewards from *locked* and *non-circulating* staked SUI\u201d on Binance.<\/p>\n Exclusive new research on SUI:<\/p>\n Intentionally misrepresented emissions and proof the team themselves are dumping rewards from *locked* and *non-circulating* staked SUI onto Binance. (1\/12) pic.twitter.com\/jYRyeTFY56<\/a><\/p>\n \u2014 DeFi^2 (@DefiSquared) June 27, 2023<\/a><\/p><\/blockquote>\n While Sui said the specific transactions were subject to a \u201ccontractual lockup,\u201d DeFi Squared said the SUI tokens could be unlocked \u201cwithout restriction.\u201d<\/p>\n The DeFi-focused pundit claimed that Sui Foundation\u2019s wallet address, \u201c0x341f\u201d transferred 3.125 million of the total 27 million SUI in staking rewards<\/a> to three separate addresses, which were then transferred to Binance.<\/p>\n The specific transaction referenced was a payment subject to a contractual lockup.https:\/\/t.co\/ViYxQoJMos<\/a><\/p>\n \u2014 Sui Foundation (@SuiFoundation) June 27, 2023<\/a><\/p><\/blockquote>\n DeFi Squared claimed this process occurred many times before \u201cmost of it\u201d ended up on Binance:<\/p>\n \u201cWhile the amounts are split many times, most of it ends up at Binance eventually. This could either be to obfuscate the selling, or perhaps because it is being split between different team members. But regardless, most of it is reaching Binance in the end.\u201d<\/p>\n Related: <\/em><\/strong>Over $204M was lost in Q2 DeFi hacks and scams: Report <\/em><\/strong><\/a><\/p>\n The commentator\u00a0said<\/a> their \u201ccuriosity was piqued\u201d in May by SUI\u2019s \u201cseemingly endless sell pressure\u201d while failing to publish an emissions chart separate from Binance\u2019s launchpad, which supposedly wasn\u2019t legitimate. Notably, they claimed the foundation is inflating the supply of the SUI token by roughly 20% month-on-month<\/a> for non-foundation token holders:<\/p>\n \u201cThis is higher than the inflation rate of the hyperinflating Venezuelan Bolivar in 2022.\u201d<\/p><\/blockquote>\n Sui’s blockchain is designed to offer users high transaction throughput at low fees, according<\/a> to Mysten Labs, the creators of the Sui Foundation.<\/p>\n The SUI token currently has a market cap of $427.7 million, from a circulating supply of about 604 million tokens, according<\/a> to CoinMarketCap. SUI is trading for $0.70 at the time of publication, down 2.4% in the past 24 hours.<\/p>\n The Sui Foundation said<\/a> it will publish a \u201cdetailed projection\u201d of the token release schedule soon.<\/p>\n The next unlock of 61 million tokens ($43 million) is scheduled for June 3, according<\/a> to tokenomics dashboard Token Unlocks.\u00a0<\/p>\n Magazine: Web3 Gamer: District 9 director\u2019s shooter, Decentraland red-light district battle<\/a><\/strong><\/em><\/strong><\/a><\/p>\n<\/div>\n\n
\n
\n