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- Sui Foundation refutes claims regarding the sale of SUI staking rewards on Binance.
- The foundation affirmed that insider token distributions adhere to lock-up and transfer limitations.
In a statement released on Tuesday, the Sui Foundation, the entity leading the development of the Sui crypto network, clarified that it has not engaged in any sales of staking rewards on the Binance cryptocurrency exchange.
This communication aims to provide insights into the tokenomics of the Sui Network, including the SUI token supply and specific distributions of SUI tokens. Here’s what you should be aware of:
— Sui Foundation (@SuiFoundation) June 27, 2023
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The Sui Foundation stated:
The Sui Foundation has not sold staking rewards or any other tokens from locked and non-circulating staked SUI on Binance or elsewhere.
As a decentralized proof-of-stake blockchain, Sui allows users to stake their Sui tokens and engage in the proof-of-stake process, thereby earning additional SUI tokens. Importantly, there are no minimum staking period requirements. Furthermore, the foundation emphasized that all insider token allocations fully comply with lock-up durations and any other transfer restrictions mandated by regulatory standards.
In response to assertions made by an anonymous crypto commentator on June 27 through a Twitter thread, the Sui Foundation issued a denial, countering the claims of “dumping rewards” from staked SUI tokens that were locked and not circulating on the Binance platform.
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