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Sui token faces challenges in recovering despite dismissal of 'baseless' accusations

Sui token faces challenges in recovering despite dismissal of ‘baseless’ accusations

The SUI token price has dropped significantly following allegations of supply manipulation by South Korean regulators. The token has struggled to recover, falling over 9% and reaching new lows of $0.37. The Sui Foundation, the organization behind the SUI token, has denied the allegations, stating that there has been no sale of SUI tokens after the initial distribution. South Korean news outlets reported that the country’s Financial Supervisory Service will launch an investigation into the Sui Foundation based on allegations made by a lawmaker. The lawmaker claimed that the foundation had staked coins that should have remained in the non-circulating supply and lied about the amount in circulation. South Korean regulators have been increasing their efforts to regulate crypto activity in the country, and they are expected to introduce comprehensive crypto legislation in January 2023.

Summary:

– The price of the SUI token has plummeted after allegations of supply manipulation by South Korean regulators.

– The SUI token has fallen over 9% and reached new lows of $0.37.

– The Sui Foundation denies the allegations and states that there has been no sale of SUI tokens after the initial distribution.

– South Korean regulators will launch an investigation into the Sui Foundation based on allegations made by a lawmaker.

– The lawmaker claims that the foundation staked coins that should have remained in the non-circulating supply and lied about the amount in circulation.

– South Korean regulators are expected to introduce comprehensive crypto legislation in January 2023.

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