Sui token struggles to regain despite denial of ‘unfounded’ allegations
Sui’s native SUI token has struggled to regain ground after plunging more than 9% amid allegations from South Korean regulators, which have accused the Sui Foundation of manipulating the supply of the token for its own gain.
SUI token gained a little under 1% in the last 24 hours after falling from $0.41 on Oct. 16 to new lows of $0.37 on Oct. 18. Current prices mark a 7% decline in just two days, according to data from CoinGecko.
In an Oct. 18 post to X (formerly known as Twitter), the Sui Foundation — the organization behind layer-1 blockchain Sui — slammed the allegations of supply manipulation as “unfounded and materially false.”
“We want to address some inaccuracies that have been reported today,” said the Sui Foundation.
“The unfounded and materially false statements surrounding the supply of SUI tokens need to be addressed. There has never been any sale of SUI tokens by the Foundation after the initial Community Access Program (CAP) distributions. Period,” it explained.
We want to address some inaccuracies that have been reported today.
Sui Foundation has been and remains committed to cooperating with DAXA and its member exchanges in the spirit of full compliance and transparency.
The unfounded and materially false statements surrounding the…
— Sui Foundation (@SuiFoundation) October 17, 2023
“The circulating supply schedule displayed on the Sui Foundation public website and available through the public API endpoints is accurate.”
The Sui Foundation’s stalwart post came in response to a reports from South Korean news outlets TechM and Block Media, which said that regulators from the country had launched an investigation into the Sui Foundation.
According to the reports, the South Korean Financial Supervisory Service (FSS) said it would soon launch an investigation into the distribution of the Sui token, following allegations made by a Representative Min Byeong-deok, a lawmaker from the Democratic Party of Korea.
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Rep. Min claimed that the Sui Foundation had paid itself interest by staking coins that should have remained in the non-circulating supply.
“It has fallen more than 67% in the five months since listing. The issuer, Sui Foundation, received self-interest by staking (depositing) the locked-up amount and sold it to increase circulation,” Rep. Min added.
Additionally, Rep. Min alleged that the reason for why the Sui token had plummeted was because the foundation had “lied about the amount in circulation.”
South Korean lawmakers have ramped up their efforts to better regulate crypto activity in the country, following the collapse of Do Kwon’s Terra Money ecosystem in May, 2022. As such, the FSS expects to introduce a comprehensive set of crypto legislation as early as Jan. next year.
Cointelegraph contacted the Sui Foundation for further comment but did not receive an immediate response.
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The Home Office has lost a Court of Appeal bid to challenge a High Court ruling granting an Eritrean man a temporary block on being deported to France.
The ruling will be a blow to ministers, who had been hoping to make headway with their “one in, one out” migrant returns deal with France.
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Under the deal, the UK can send back any migrant who crosses the Channel illegally in return for accepting the same number of migrants in France who have a valid asylum claim here.
However, only four people have been deported under the scheme so far, including one Afghan individual who was deported to France this afternoon.
The Eritrean man was granted a temporary block on his removal after he claimed he had been a victim of modern slavery.
The government has said up to 50 people a week could be deported under the scheme initially, but it believes numbers would grow and eventually act as a deterrent to those considering making the dangerous journey across the Channel.
Last Friday saw more than 1,000 people cross the Channel to the UK in small boats – the day after the first migrant was deported under the “one in, one out” deal.
The latest Home Office figures show 1,072 people made the journey in 13 boats – averaging more than 82 people per boat. It means the number of migrants arriving in the UK after crossing the English Channel has topped 30,000 for the year so far.
Migrants arrive at Dover. Pic: PA
Shabana Mahmood, who was promoted to home secretary in the prime minister’s reshuffle earlier this month, has accused migrants who try to block their deportation of making a “mockery” of the UK’s modern slavery laws.
She has vowed to do “whatever it takes” to end crossings – but the Conservatives have branded the “one in, one out” deal with France “meagre” and have called for their Rwanda policy to be reinstated.
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Chris Philp, the shadow home secretary, said: “Yet again the courts have stepped in to block a deportation, proving what we warned from the start, unless you tackle the lawfare strangling Britain’s borders, nothing will change.
“This is nothing but a gimmick. Even if by some miracle it worked, it would still be no deterrent, as 94 per cent of arrivals would still stay.”
Meanwhile, Reform UK has promised to crack down on both legal and illegal migration.
Last month, party leader Nigel Farage outlined plans to deport hundreds of thousands of illegal migrants in the first parliament of a potential Reform UK government.
On Monday, he announced fresh policies to reduce legal migration, saying his party would ban access to benefits to migrants and get rid of indefinite leave to remain – the term used to describe the right to settle in the UK, with access to benefits, after five years.
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