Crypto News

SUI price fluctuates sharply after being investigated by South Korea

South Korea's Financial Supervisory Authority suspects Sui has manipulating the circulating supply of tokens sentence.

Answering a question from Rep. Min Byung-deok, Director of the South Korea's Financial Supervisory Service (FSS) Lee Bok-hyun affirmed will clarify the situation of manipulation of circulating supply of SUI, according to blockmedia Team agency.

Also at today's National Assembly inspection, members of the Democratic Party of Korea criticized Lee Bok-hyeon does not protect investors while still granting listing licenses List all kinds of "Burger Coins", typically SUI on the exchanges deal. Mr. Min argued that circulating supply is one of the factors that make the price of SUI "not able to rise" in time through. Moreover, the MP also accused the Sui Foundation itself of get your hands on the staking process (crypto escrow receives interest rates), then discharge them to the market, increasing the and "dump" prices. After the above criticism, the FSS governor admitted that if what Mr. Min Byung-deok pointed out that it is true, this is indeed a problem big problem. In conclusion, Mr. Lee Bok-hyun pledged to consider the sentence and conduct an inspection of the exchanges through the Association of Cryptocurrency Exchanges (DAXA). Previously, Sui was also accused of "underselling" rewards staking from SUI locked on Binance, but the project has deny. At that time, the community also questioned the fat foundation blurred in both the allocation plan and the token unlock schedule. Immediately after the above Team, SUI plummeted by nearly 15%, from the region $0.43 to $0.369. In South Korea, SUI is being listed on 5 exchanges including Upbit, Bithumb, Coinone, Kobit, and Gopax.

Sui is a blockchain that uses the Move do programming language Facebook evolves, similar to Aptos. Projects in 2022 has raised $300 million with a valuation of up to 2 billion USD. However, SUI has continuously depreciated after the mainnet, the because of the pressure to sell unlock tokens to Community Reserve. In the official announcement posted on page X (Twitter), Sui Foundation denies source manipulation supply of SUI, sell SUI staking and affirm that it is always transparent in token transfer activities. Sui Foundation said it is works closely with DAXA to ensure legal compliance South Korea.

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