The Sui Foundation, the organization behind the Sui network and SUI token, has denied allegations that it sold staking rewards on cryptocurrency exchange Binance. The foundation responded to the accusations on Twitter, stating that none of the locked or non-circulating tokens, including SUI staking rewards, had been sold. They clarified that all insider token allocations are compliant with lock-up restrictions. The denial came in response to claims made by a pseudonymous crypto commentator on Twitter, who accused the foundation of dumping rewards on Binance.

The Sui network is a decentralized proof-of-stake blockchain that allows users to stake their SUI tokens to earn more SUI through the proof-of-stake mechanism. No minimum staking period is required.

The commentator claimed that the Sui Foundation transferred staking rewards to Binance from a wallet address associated with the foundation. However, the foundation clarified that the specific transaction referenced was subject to a contractual lockup.

The foundation has announced that it will soon publish a detailed projection of the token release schedule. The next unlock of tokens is scheduled for June 3.

FAQs

What is the Sui Foundation?

The Sui Foundation is the team responsible for the development and management of the Sui network and its native SUI token.

What are staking rewards?

Staking rewards are incentives given to users for participating in a proof-of-stake blockchain network by staking their tokens.

What is Binance?

Binance is a popular cryptocurrency exchange platform.

What is the SUI token?

The SUI token is the native cryptocurrency of the Sui network. It is used for various purposes within the network.