The native token of the eponymous proof-of-stake (PoS) blockchain, SUI, faced another significant drop over the past 24 hours, plummeting to an all-time low of $0.367 in the early hours on Wednesday. Launched in May this year, the Sui blockchain is billed as a platform for digital asset ownership. The SUI token is used to pay gas fees for transactions, staking, and governing the network. Reports have surfaced of the Sui Foundation allegedly manipulating the SUI token supply and exploiting locked-up Sui coin reserves through staking to generate profits, all the while flooding the market with more coins to inflate its circulating supply. The Sui Foundation has refuted the accusations, and the South Korean Financial Supervisory Service (FSS) has indicated that should the allegations of manipulation of distribution volume through staking or unfair disclosure be confirmed, the regulator will have DAXA inspect it. The news comes as South Korea has been actively working to regulate the cryptocurrency market. #SUI #PoS #Cryptocurrency #SouthKorea #Regulation
You can read more about this topic here: Decrypt: SUI Hits All-Time Low, Foundation Addresses ‘Unfounded’ Token Manipulation Claims
