The Sui Foundation has responded to allegations of insider sales following the recent surge in the price of the SUI token.

Sui Foundation's Response

In a statement, the Sui Foundation said, “Neither the Foundation, nor Mysten Labs employees (including its founders), nor ML investors, have individually or collectively sold $400 million worth of tokens during this period.”

Anonymous Analyst's Allegations

The allegations came from crypto analyst Lightcrypto on X (formerly Twitter), who accused insiders of liquidating SUI tokens during the rally. Lightcrypto’s analysis linked the wallets responsible for these alleged sales to the initial coin offering (ICO) of Sui, although no specific wallet addresses were provided.

Token Price Growth

The price of SUI has seen significant growth over the past month, rising 100%, with a 19% increase last week alone. According to The Block’s SUI price page, the token is currently trading at $2.22, though it has dipped by 0.17% in the last 24 hours. The Sui Foundation also clarified that the wallet in question belongs to an infrastructure partner holding tokens under a lock-up program. “The lock-up periods for all tokens are enforced by qualified custodians and are continuously monitored by the Sui Foundation. This partner remains in full compliance,” the Foundation added.

The Sui Foundation strongly denies the insider sale allegations, emphasizing its commitment to transparency and adherence to token ownership conditions.