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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Politics
Transport Secretary Louise Haigh downplays risk of empty shelves if farmers strike over inheritance tax
Shelves will not be left empty this winter if farmers go on strike over tax changes, a cabinet minister has said.
Louise Haigh, the transport secretary, said the government would be setting out contingency plans to ensure food security is not compromised if farmers decide to protest.
Farmers across England and Wales have expressed anger that farms will no longer get 100% relief on inheritance tax, as laid out in Rachel Reeves’s budget last month.
Welsh campaign group Enough is Enough has called for a national strike among British farmers to stop producing food until the decision to impose inheritance tax on farms is reversed, while others also contemplate industrial action.
At the weekend the group held a protest in Llandudno, North Wales, where Sir Keir Starmer was giving his first speech as prime minister to the Welsh Labour conference.
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Asked by Trevor Phillips if she was concerned at the prospect that shelves could be empty of food this winter, Ms Haigh replied: “No, we think we put forward food security really as a priority, and we’ll work with farmers and the supply chain in order to ensure that.
“The Department for Environment, Food and Rural Affairs will be setting out plans for the winter and setting out – as business as usual – contingency plans and ensuring that food security is treated as the priority it deserves to be.”
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From April 2026, farms worth more than £1m will face an inheritance tax rate of 20%, rather than the standard 40% applied to other land and property.
However, farmers – who previously did not have to pay any inheritance tax – argue the change will mean higher food prices, lower food production and having to sell off land to pay.
Transport Secretary Louise Haigh
Tom Bradshaw, the president of the National Farmers Union, said he had “never seen the united sense of anger that there is in this industry today”.
“I don’t for one moment condone that anyone will stop supplying the supermarkets,” he said.
“We saw during the COVID crisis that those unable to get their food were often either the very most vulnerable, or those that have been working long hours in hospitals and nurses – that is something we do not want to see again.”
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Farmers ‘betrayed’ over tax change
Explaining why the tax changes were so unpopular, he said food production margins were “so low”, and “any liquid cash that’s been available has been reinvested in farm businesses” for the future.
“One of the immediate changes is that farms are going to have to start putting money into their pensions, which many haven’t previously done,” he said.
“They’re going to have to have life insurance policies in case of a sudden death. And unfortunately, that was cash that would previously have been invested in producing the country’s food for the future.”
Sir Keir has staunchly defended the measure, saying it will not affect small farms and is aimed at targeting wealthy landowners who buy up farmland to avoid paying inheritance tax.
However, the Conservatives have argued the changes amount to a “war on farmers” and have begun a campaign targeting the prime minister as a “farmer harmer”.
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‘Farmers’ livelihoods are threatened’
Speaking to Sunday Morning With Trevor Phillips, shadow home secretary Chris Philp said he was happy with farmers protesting against the budget – as long as their methods and tactics were “lawful”.
“What the Labour government has done to farmers is absolutely shocking,” he said.
“These are farmers that, you know, they’re not well off particularly, they’re often actually struggling to make ends meet because farming is not very profitable these days. And of course, we rely on farmers for our food security.
Addressing the possible protests, Mr Philp said: “I think people have a right to protest, and obviously we respect the right to protest within the law, and it’s up to parliament to set where the law sits.
“So I think providing they’re behaving lawfully, legally, then they do have a right to protest.”
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Next week farmers are expected to hold a mass protest of about 20,000 people in Westminster against the inheritance tax changes.
After Elon Musk announced the government agency with the same acronym as Dogecoin’s ticker, the crypto token soared to a yearly high of $0.39.
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