Since mid-2024, over 82.6 million SUI tokens have been withdrawn and moved to major exchanges like Binance, OKX, and Bybit, raising significant questions regarding Sui Foundation's asset management and distribution practices.

Overview of Recent Token Transfers

An on-chain investigation began in June 2024, when 82.6 million SUI tokens (approximately $184 million) were withdrawn from staking account 0x7f3b…3239e4. These tokens were gradually moved through intermediary wallets to exchanges Binance, OKX, and Bybit. Originally, the SUI tokens were held in the Sui Foundation's wallet: 0x341f…17fae1, which still contains more than 2.36 billion locked SUI.

Key Figures and Transactions

Key transactions started with the staking account 0x7f3b…3239e4, which currently holds 183 million SUI tokens worth approximately $418 million. A key intermediary wallet—0xbe90…950aa8—served as a transit address, where 82.6 million SUI were divided into smaller batches and sent to a distribution wallet: 0x457f…6715e7, directly linked with Binance, OKX, and Bybit.

Implications and Transparency Concerns

On-chain data of SUI token activities has become a focal point amid reports of wallet movements by the Sui Foundation to major exchanges. These events have drawn attention from South Korean media and criticisms in the National Assembly regarding opaque token allocation practices. Analysts warn of possible market manipulation and insider trading.

The current transfers of Sui Foundation tokens have raised numerous questions about transparency and governance in the cryptocurrency realm. Public scrutiny highlights concerns over potential market manipulation practices and the need for further disclosure.