SUI Foundation Has Denied That It Ever Sold Locked Staking Rewards

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SUI Foundation

The team behind the Sui Foundation and the native token recently denied all allegations that they had unlocked the staking rewards for the cryptocurrency and had completely dumped them on Binance– the crypto exchange. The team then knocked back the claim in a five part thread on Twitter on the 27th June, where they stated that none of the non-circulating or locked tokens of the company had been sold.

The Foundation went on to add that all of the insider token allocations still remained subjected to and compliant with their lock ups- with the restrictions being on transfer. For those unaware, Sui is a proof-of-stake blockchain which is completely decentralized- and users are able to to stake their tokens to participate in the proof-of-stake mechanism in exchange for more SUI. Interestingly, no minimum period of staking is required. 

SUI Foundation Has Denied Selling Its Tokens As Staking Reward

The recent denial by Sui Foundation was also in response to quite a few claims that had been put up by DeFiSquared- a pseudonymous crypto commentator in a Twitter thread on the 27th June, where they ended up accusing the team of dumping the rewards from non-circulating and locked on Binance. Although Sui mentioned that the specific transactions were entirely subjected to a contractual lockup, DeFiSquared mentioned that the tokens could be unlocked without any restriction. 

The DeFi-focused pundit also claimed that the wallet address of the Sui Foundation had transferred around 3.125 million of the total sum of 27 million SUI in staking rewards to three different addresses, which were then transferred to Binance. DeFi Squared then went on to claim that this process had occurred quite a few times before most of it ended up on Binance.