Cryptocurrency
"Sui token struggles to regain despite denial of ‘unfounded’ allegations"
Primary Source ↗Blockchain(s)
Sui
Incident Details
A lawmaker in South Korea has alleged that the Sui Foundation has engaged in market manipulation to enrich themselves. The South Korean Financial Supervisory Service reportedly launched an investigation into the distribution of the SUI token following Representative Min Byeong-deok’s allegations, intending to determine whether there was truth to his claims that they had paid themselves interest by staking tokens that should have been left untouched in the non-circulating supply.The Sui Foundation has disputed the allegations on Twitter, calling them “unfounded and materially false”.
Technical Details
- Vendor / Product
- South Korean regulators allege Sui Foundation manipulated markets
Timeline
- 2023-10-16 Breach occurred
- 2023-10-16 Publicly disclosed