The native token of Sui, called SUI, has experienced a decline in value after allegations of supply manipulation by the Sui Foundation. The token fell by over 9% and reached new lows of $0.37. However, it has since gained a little under 1% in the last 24 hours. The Sui Foundation has denied the allegations, stating that there has never been any sale of SUI tokens by the Foundation after the initial Community Access Program distributions. The Foundation has also emphasized its commitment to cooperating with regulators and maintaining transparency. South Korean regulators have launched an investigation into the Sui Foundation following these allegations. Representative Min Byeong-deok from the Democratic Party of Korea claimed that the Foundation had staked coins that should have remained in the non-circulating supply, leading to a decrease in the token’s value. South Korean lawmakers are increasing their efforts to regulate cryptocurrency activity in the country, and comprehensive crypto legislation is expected to be introduced in January next year.
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 | Min Byeong-deok |
| Companies | Block Media, TechM, FSS, CoinGecko, South Korean Financial Supervisory Service (FSS), Democratic Party of Korea, Do Kwon’s Terra Money ecosystem, Sui Foundation |
| Currencies | Sui |
| Securities | None |
