South Korean regulators are launching an investigation into Sui Network, a blockchain platform, amid allegations that the developers lied about certain aspects of the token. The Financial Supervisory Service (FSC) will determine whether Sui is operating as a fraudulent scheme. The main concern is the significant drop in Sui’s price, which has lost over 91% of its value. The FSC claims that the team behind Sui failed to address false claims about the circulating supply. The Sui Foundation denies these accusations. The foundation argues that the authorities’ statements are unfounded and inaccurate. They maintain that they have not engaged in any liquidation of Sui tokens and that all token transfers are visible and verifiable on the blockchain. The Digital Asset Exchange Alliance (DAXA), a consortium of major cryptocurrency exchanges in South Korea, also faced criticism for allegedly neglecting to verify Sui’s circulating supply. The FSC has urged DAXA to implement measures to rebuild consumer trust. The director of the FSC highlighted the need for further discussion and provisions for supervising primary markets and exchanges in the Virtual Asset User Protection Act.
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), Financial Supervisory Service (FSC), Democratic Party, Sui Network, Sui Foundation |
| Currencies | Sui |
| Securities | None |
