Fun

News Feed - 2023-10-19 12:10:10

Tom Mitchelhill5 hours agoSui token struggles to regain despite denial of ‘unfounded’ allegationsThe price of the SUI token plummeted after allegations of supply manipulation from regulatory officials in South Korea.1135 Total views25 Total sharesListen to article 0:00NewsJoin us on social networksSui’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 data from CoinGecko.The price of the SUI token has struggled to regain ground amid allegations of supply manipulation. Source: CoinGecko


In an Oct. 18 post to X (formerly Twitter), the Sui Foundation — the organization behind layer-1 blockchain Sui — slammed the allegations of supply manipulation as “unfounded and materially false.”


“We want to address some inaccuracies that have been reported today,” said the Sui Foundation.


“The unfounded and materially false statements surrounding the supply of SUI tokens need to be addressed. There has never been any sale of SUI tokens by the Foundation after the initial Community Access Program (CAP) distributions. Period,” it explained.We want to address some inaccuracies that have been reported today.

Sui Foundation has been and remains committed to cooperating with DAXA and its member exchanges in the spirit of full compliance and transparency.

The unfounded and materially false statements surrounding the…— Sui Foundation (@SuiFoundation) October 17, 2023 “The circulating supply schedule displayed on the Sui Foundation public website and available through the public API endpoints is accurate.”


The Sui Foundation’s stalwart post came in response to reports from South Korean news outlets TechM and Block Media, which said that regulators from the country had launched an investigation into the Sui Foundation.


According to the reports, the South Korean Financial Supervisory Service (FSS) said it would soon launch an investigation into the distribution of the Sui token following allegations made by Representative Min Byeong-deok, a lawmaker from the Democratic Party of Korea.


Related:South Korea focuses on OTC crypto regulations as unlawful deals reach $4B


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,” Min added.


Additionally, Min alleged that the reason 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 January 2023.


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


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in# Blockchain# Cryptocurrencies# Altcoin# Law# South Korea# Tokens# Supply# RegulationAdd reactionAdd reactionRead moreCentral banks want to look under crypto’s hood — Is this a positive sign?Sam Bankman-Fried’s trial is telling a story of classic financial deceitOptimism to sell $160M in OP tokens to 7 purchasers via private sale

News Feed

Gofaizen and Sherle Introduce Full-Cycle Online Accounting In Lithuania
Gofaizen and Sherle Introduce Full-Cycle Online Accounting In Lithuania press release PRESS RELEASE.Gofaizen & Sherleis a legal and business consulting firm specializing in digi
David Attlee3 minutes agoKenyan lawmakers ask local Blockchain Association to come up with crypto billKenya might become the first country in the world where the industry’s representatives would develop the regulatory
75 Companies Back Facebook Libra’s Competitor Celo
75 Companies Back Facebook Libra"s Competitor CeloCelo, a competing project to Facebook’s Libra cryptocurrency, has added 50% more new members to its alliance, bringing the to
Bitcoin price bounce gives BNB, TON, VET and BGB a boost — Will it last?
Rakesh Upadhyay5 hours agoBitcoin price bounce gives BNB, TON, VET and BGB a boost — Will it last?Bitcoin finds support slightly above $60,000, possibly giving altcoins the green light to move higher in the short term.
US Regulators and Federal Reserve Issue Joint Warning About Crypto Liquidity Risks
US Regulators and Federal Reserve Issue Joint Warning About Crypto Liquidity Risks U.S. regulators and the Federal Reserve have issued a joint warning about key liquidity risks ass
Galaxy Digital Report Predicts Bitcoin NFT Market Could Reach $4.5 Billion by 2025
Galaxy Digital Report Predicts Bitcoin NFT Market Could Reach $4.5 Billion by 2025 As the number of Bitcoin-based Ordinal inscriptions nears the 300,000 mark, Galaxy Digital’
‘Solana Season Is About To Return’ As Price Turns Key Resistance Into Support – Analyst
Este artículo también está disponible en español. Solana has captured the spotlight this week with its volatile price action, demonstrating resilience amidst market uncer
index.market_beat6 hours ago5 High-risk, high-reward crypto to invest in 2023Navigating the turbulent crypto market environment can be a thrilling venture for those willing to take on an element of risk.Market ReleaseJoi
US Lawmakers Introduce ‘Virtual Currency Tax Fairness Act’ to Boost Cryptocurrency Use for Payments
US Lawmakers Introduce "Virtual Currency Tax Fairness Act" to Boost Cryptocurrency Use for Payments Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to
David Attlee13 hours agoCyprus to tighten crypto regulations in accordance with FATFThe Ministry of Finance intends to amend the existing Prevention and Suppression of Money Laundering and Terrorist Financing Law.1879 To
Hillary Clinton Urges Biden Administration to Pressure Crypto Exchanges to Block Russian Users
Hillary Clinton Urges Biden Administration to Pressure Crypto Exchanges to Block Russian Users Former presidential candidate Hillary Clinton has criticized the Biden administration
Argentinian Tax Authority Wins Landmark Case to Confiscate Funds From a Digital Account
Argentinian Tax Authority Wins Landmark Case to Confiscate Funds From a Digital Account The Argentinian Tax Authority (AFIP) has won a historic case to seize taxpayer funds from a