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

Biggest Movers: AVAX Almost 20% Higher, as RUNE and ZEC Near 15% Gains on Saturday
Biggest Movers: AVAX Almost 20% Higher, as RUNE and ZEC Near 15% Gains on Saturday Crypto markets were mainly in the green on Saturday, with AVAX, RUNE and ZEC being some of the no
Tom Blackstone5 hours agoStellar joins Bytecode Alliance to help develop EVM alternative WasmStellar joined the industry group developing Wasm, an alternative computation engine for running smart contracts.1340 Total vie
Biggest Movers: ATOM Remains Close to 1-Year Lows, as DOT Declines 8%
Biggest Movers: ATOM Remains Close to 1-Year Lows, as DOT Declines 8% ATOM moved closer towards a one-year low on Wednesday, as prices dropped by nearly 10%. This came as DOT also
No mention of crypto in US Democratic Party’s 2024 platform
Vince Quill6 hours agoNo mention of crypto in US Democratic Party’s 2024 platformThe 91-page party platform is expected to be passed on Aug. 19 in a vote from the Democratic National Convention.801 Total views36 Total
Brayden Lindrea1 hour agoXRP jumps then dumps on faked BlackRock XRP trust filingXRP’s price surge was short-lived and has almost returned to its original price.1218 Total views4 Total sharesListen to article 0:00NewsJ
Prashant Jha13 hours agoVitalik Buterin wants Bitcoin to experiment with layer-2 solutions, just like EthereumButerin also lauded the recent rise of Ordinals and believes they have brought the builder culture back to the
Ciaran Lyons6 hours agoBlockchain could save financial institutions $10B by 2030: RippleAmong the 300 finance professionals surveyed across 45 countries, 97% believe that blockchain will play a crucial role in faster pay
Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology
Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology A crypto company working with the central bank of Norway has published the source code for the s
Bitcoin, Ethereum Technical Analysis: Bitcoin Rebounds, as Russia Looks to Regulate Crypto
Bitcoin, Ethereum Technical Analysis: Bitcoin Rebounds, as Russia Looks to Regulate Crypto Following price consolidation on Tuesday, bitcoin prices rebounded on hump-day, as market
Solana Cracks Below Key Structure – Head And Shoulders Breakdown Points To $106
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Mayer Multiple hits lows that last accompanied $30K BTC price
William Suberg1 hour agoBitcoin Mayer Multiple hits lows that last accompanied $30K BTC priceThe Bitcoin price is increasingly low compared to its 200-day moving average — a key “buy the dip” signal, per the classi
Ciaran Lyons3 hours agoGemini files brief in lawsuit against SEC, requests to keep it simpleIn a recent court filing, Gemini continued to press for dismissal in its lawsuit against the SEC, citing unclear allegations and