The SUI token, the native cryptocurrencyof Sui’s layer-1 blockchain, has experienced a significant setback in its value following allegations of supply manipulation by South Korean regulatory authorities. The Sui Foundation, the organization responsible for its native token, has vehemently denied these accusations, stating that the claims are baseless and misleading. Despite their efforts to clarify the situation, the token’s price has plunged, leaving investors and the crypto community concerned about its future trajectory.
Allegations and Denials Shake Token’s Stability
The SUI token witnessed a sharp decline of over 9% in response to allegations from South Korean regulators. These authorities accused the Sui Foundation of manipulating the token’s supply for their own gain, leading to a public outcry and investor panic. The Foundation swiftly responded to the accusations, dismissing them as unfounded and materially false. They emphasized that there had been no improper sale of their native tokens after the initial Community Access Program (CAP) distributions and the circulating supply information on their official platforms was accurate.
