BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Sui Foundation Refutes Claims of Unloading Staking Rewards on Binance

by BlockNews Team
June 29, 2023
in CRYPTO, DEFI, FINANCE, MEDIA
Reading Time: 3 mins read
A A
1
SHARES
18
VIEWS
Share on XShare in TelegramShare on Reddit
  • The Sui Foundation has robustly denied allegations by an anonymous commentator, DeFiSquared, that it had unlocked and sold staked SUI rewards on the Binance.
  • DeFiSquared claimed that the Foundation transferred SUI tokens from locked and non-circulating stakes to Binance multiple times, and inflated the SUI token supply by about 20% monthly for non-foundation token holders.
  • The Sui Foundation responded by insisting they had not engaged in such transactions and has pledged to release a “detailed projection” of the token release schedule soon.

In a recent turn of events, the Sui Foundation, developers behind the innovative Sui network and its native SUI token, have come forward to staunchly deny allegations that they were involved in unlocking and selling staked SUI rewards on the cryptocurrency exchange Binance.

These accusations were raised by a pseudonymous crypto commentator DeFiSquared on Twitter, who claimed that tokens held in the Sui Foundation’s wallet address were transferred to multiple addresses, ultimately ending up on Binance. DeFiSquared pointed out a recurring pattern, suggesting that SUI tokens had been repeatedly transferred and potentially dumped on the platform.

Allegations and Response

DeFiSquared accused the foundation of distributing rewards from locked and non-circulating staked SUI to Binance, with 3.125 million out of a total 27 million SUI staking rewards allegedly transferred from the Sui Foundation’s wallet address “0x341f” to three different addresses, before making their way to Binance.

He further claimed that the Sui Foundation inflated the supply of the SUI token by approximately 20% monthly for non-foundation token holders, drawing comparisons to the hyperinflation rate of the Venezuelan Bolivar in 2022. Furthermore, DeFiSquared criticized the Sui Foundation for failing to publish a separate emissions chart from Binance’s launchpad, putting its legitimacy into question.

In a swift response to these allegations, the Sui Foundation released a series of Twitter posts insisting they had not engaged in any such transactions involving staking rewards or other tokens from locked or non-circulating staked SUI on Binance or any other platform. The foundation further highlighted that all insider token allocations were compliant with lockup agreements and other transfer restrictions, a measure in place to counter unauthorized transfer of tokens.

Transparency in Token Management

In light of these allegations, the Sui Foundation has pledged to release a “detailed projection” of the token release schedule soon, reaffirming their commitment to uphold transparency in token management. This move is expected to further assuage the concerns raised by DeFiSquared.

As the situation unraveled, it drew significant attention to the importance of transparency in token management. With an increasing number of participants entering the crypto space, it is crucial for foundations and networks to maintain transparent operations, reinforcing trust amongst their investors and stakeholders.

At the time of writing, the SUI token has a market capitalization of $410 million, with approximately 604 million tokens in circulation, according to CoinMarketCap. SUI is currently trading at $0.67, reflecting a 6.67% drop in the past 24 hours.

The Road Ahead

While the allegations have stirred controversy in the crypto community, it’s worth noting that Sui Network remains a strong player in the decentralized proof-of-stake blockchain arena. The network, designed to offer high transaction throughput with low fees, continues to build on its unique value proposition, despite the current storm. Interestingly, the Sui Foundation has scheduled the next unlock of 61 million tokens (equivalent to $43 million) for June 3, signaling confidence in their operations amidst the controversy.

In a separate but noteworthy development, the Sui Foundation awarded $500,000 to smart-contract audit firm CertiK for discovering a potential attack vector on the Sui network, reinforcing its commitment to network security.

Tags: BinanceSui FoundationSUI Token
TweetShareShare
Previous Post

Mastercard Advances the Future of Digital Assets with Multi-Token Network

Next Post

Azuki Floor Price Crashes After Releasing New Elementals Collection, Spurning Rug Pull Rumors

DON'T MISS THESE! HOT OFF THE PRESS

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
Load More

Related News

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.