The Sui Foundation, responsible for developing the Sui crypto network, issued a statement on Tuesday denying allegations of selling staking rewards on the Binance cryptocurrency exchange. Taking to Twitter, the foundation clarified that it had not disposed of staking rewards or any other tokens obtained from locked and non-circulating staked SUI on Binance or any other platform. The organization emphasized that all allocations of insider tokens were compliant with lock-up periods and transfer restrictions.
The foundation also confirmed that the SUI token unlocks had proceeded according to plan. As previously reported by The Block, Sui had intended to release 61 million tokens valued at $62 million on June 3, with the aim of doubling its token supply by November. Currently, there are over 604 million circulating SUI tokens, with a market capitalization of $435 million, and each token is valued at approximately $0.72, according to Coinmarketcap.
On May 3, web3 infrastructure firm Mysten Labs launched the Sui mainnet, which offers increased block finality and can support up to 300,000 transactions per second with 100 testnet validators. Mysten had planned to sell the native asset of Sui on various exchanges, including Binance, OKX, Bybit, and Kucoin. It is worth noting that Binance recently faced legal action from the U.S. Securities and Exchange Commission, accused of engaging in alleged financial misconduct.