Sui Foundation rebuffs allegations of insiders selling tokens worth $400 million Sui Foundation rebuffs allegations of insiders selling tokens worth $400 million
Crypto community members remain skeptical despite Sui Foundation's assurances.
1 min read
Updated: Oct. 15, 2024 at 5:01 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Sui Foundation has firmly denied recent speculation alleging insider trading following a $400 million sale of SUI tokens during the latest price surge.
The foundation emphasized that there has been no premature selling or breach of lock-up agreements in an Oct. 14 post on X. It added:
“No insidersโincluding employees of the Foundation, Mysten Labs (or its founders), and Mysten Labs investorsโhave sold $400 million worth of tokens during this period, either individually or collectively.”
The Sui Foundation further stated that the schedule for all locked tokens remains intact.
Allegations
The statement comes after certain crypto members of the community raised concerns over the sale and alleged that it was conducted by ICO-era wallets.
The Sui Foundation suggested that the allegations might be referring to a wallet managed by an “infrastructure partner.” This unnamed partner reportedly holds tokens under a lockup schedule and, according to the Foundation, remains compliant with all enforced lockup conditions.
Despite the reassurances, some in the crypto community remain skeptical. Kyle Samani, managing partner at Multicoin Capital, criticized the Foundation’s statement, arguing that it was “written as deceptively as possible.“
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Sui (SUI) is a delegated proof of stake (DPoS) layer 1 blockchain based on the Move programming language.