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Sui Foundation Stands Firm, Denies Selling Staking Rewards on Binance

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Sui foundation

Sui foundation

  • Sui Foundation denies involvement in the sale of SUI staking rewards on Binance.
  • The foundation confirmed that insider token allocations comply with lock-ups and transfer restrictions.

In a statement on Tuesday, the Sui Foundation, the organization spearheading the development of the Sui crypto network, clarified that it had not carried out any sales of staking rewards on the Binance cryptocurrency exchange.

The purpose of this communication is to share information regarding the tokenomics of the Sui Network including the SUI token supply and certain distributions of SUI tokens. Here’s what you need to know:🧵

— Sui Foundation (@SuiFoundation) June 27, 2023

Sui Foundation stated:

Sui Foundation has not sold staking rewards or any other tokens from locked and non-circulating staked SUI on Binance or otherwise.

As a decentralized proof-of-stake blockchain, Sui enables users to stake their Sui tokens and actively participate in the proof-of-stake mechanism, earning more SUI tokens as a result. Notably, there are no requirements for a minimum staking period. In addition, the foundation made it clear that all insider token allocations strictly adhere to and comply with lock-up periods and any other transfer restrictions imposed by regulatory requirements.

In response to claims made by a pseudonymous crypto commentator on June 27 via a Twitter thread, the Sui Foundation issued a denial, refuting the allegations of “dumping rewards” from staked SUI tokens that were locked and not in circulation on the Binance platform.

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