$Sui network says “There is no mystery about token ownership”
The Sui Crypto token project team officially responded to dismiss all kinds of allegations & misinformation around Sui token.
Recently we reported that Cyber Capital founder Justin Bons raised multiple questions regarding Sui token e.g. 83% staked Sui token ownership, token economics, supply, etc.
On 5 May 2024, The Sui crypto team officially responded and said that people are spreading misleading information about the Sui token project.
On the locked Sui tokens, the Sui crypto team said that they’re locked by third-party custodians, so can’t be unlocked without a token emissions schedule.
Mysten Labs founders don’t have control over the Sui Foundation’s treasury money, the community’s savings, rewards for holding tokens, or tokens given to investors. Also, there’s no secret about who owns the tokens. All the tokens that will be given out have already been planned for and set aside.
Furthermore, the Sui team clarified that the Sui Foundation doesn’t use staking rewards for any personal benefits, instead, they distribute the funds to the community.
The Sui team suggested people use an official source to get information about the Sui token supply, & unlock schedule.
Sui token price
The current trade price of the Sui token is $1.101 & this trade price is 10% down over the last 7 days, while 31% down over the last 4 weeks.
In the last couple of weeks, many retail sui token investors alleged that a significant dump in the trade price of Sui tokens was proof of price manipulation.
Some people said that VCs behind this crypto project sold huge amounts of Sui tokens against retail investors.
It is worth it to note that the trade price of the Sui token crashed in those days when all the other crypto assets either showed better price increment or better stability. Such types of factors are enough to show the level of price manipulation & money power abuse.
Read also: New class action lawsuit against Coinbase over providing crypto securities knowingly
