South Korean authorities have expressed concerns about SUI Network, citing discrepancies in the circulating supply of their token and potential fraud. The government audit revealed that the token’s value has plummeted by over 91% since its launch in May, leading regulators to suspect undisclosed self-interests by the SUI Foundation. Lawmakers, including Min Byung-deok, believe that misinformation about the token’s circulating supply contributed to its price decline, suggesting that the foundation may have artificially inflated the amount in circulation through the staking of locked-up tokens. The Financial Supervisory Service (FSC) accused the foundation of unlocking and selling a portion of the token’s supply to artificially increase the circulating amount. The Digital Asset Exchange Alliance (DAXA) also faced criticism for allegedly not scrutinizing SUI’s claims closely. FSC Director Lee Bok-hyun called for stricter oversight and comprehensive regulations to maintain consumer trust. In response, the SUI Foundation denied the allegations, labeling them as unfounded and emphasizing their commitment to transparency. They urged critics and the public to verify all SUI token transfers on the blockchain, highlighting the verifiable nature of their operations. As the crypto and blockchain industry continues to evolve, striking a balance between regulation, innovation, and trust remains a challenge for all stakeholders.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Lee Bok-hyun, Min Byung-deok |
| Companies | Digital Asset Exchange Alliance (DAXA), SUI Foundation, Financial Supervisory Service (FSC), SUI Network, Government Affairs Committee |
| Currencies | None |
| Securities | None |
