CandleFocus

Sui ‘infrastructure partner’ to dump $20 million more amid selling spree

Author: Content Editor
The article discusses the selling spree of SUI tokens by a whale, who is believed to be the "infrastructure partner" of the Sui Foundation. The whale has sold $400 million worth of SUI tokens and has prepared another $20 million worth for selling. The account receiving the tokens has been identified as the alleged partner of the Sui Foundation. The Sui Foundation has denied allegations of insider selling and stated that the partner is in compliance with vesting rules and overseen by a custodian. However, using custodians for enforcing the lockup contract goes against the decentralized nature of cryptocurrencies and raises concerns. Additionally, the Sui tokenomics allow locked tokens to stake for unlocked rewards, benefiting insiders like the Sui Foundation and private investors. This unconventional approach and the expected unlocks in the future have an impact on the market sentiment and token price.

Related News