Sui token struggles to regain despite denial of ‘unfounded’ allegations

Sui’s native SUI token has struggled to regain ground after plunging more than 9% amid allegations from South Korean regulators, which have accused the Sui Foundation of manipulating the supply of the token for its own gain. 

SUI token gained a little under 1% in the last 24 hours after falling from $0.41 on Oct. 16 to new lows of $0.37 on Oct. 18. Current prices mark a 7% decline in just two days, according to

Rep. Min claimed that the Sui Foundation had paid itself interest by staking coins that should have remained in the non-circulating supply.

“It has fallen more than 67% in the five months since listing. The issuer, Sui Foundation, received self-interest by staking (depositing) the locked-up amount and sold it to increase circulation,” Rep. Min added.

Additionally, Rep. Min alleged that the reason for why the Sui token had plummeted was because the foundation had “lied about the amount in circulation.”

South Korean lawmakers have ramped up their efforts to better regulate crypto activity in the country, following the collapse of Do Kwon’s Terra Money ecosystem in May, 2022. As such, the FSS expects to introduce a comprehensive set of crypto legislation as early as Jan. next year.

Cointelegraph contacted the Sui Foundation for further comment but did not receive an immediate response.

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