The Sui Foundation refuted insider trading allegations that arose amidst a significant 108% increase in SUI token's price over the past month.

Allegations of Insider Selling

The controversy arose when analyst Lightcrypto claimed that wallets linked to the Sui Foundation sold over $400 million in SUI tokens during the recent price surge. Lightcrypto emphasized the situation's concerning nature, as those most knowledgeable about the token's value were offloading large amounts to less informed buyers chasing momentum.

The Foundation's Response

In response, the Sui Foundation categorically denied any misconduct. They stated that neither their employees nor Mysten Labs investors engaged in the alleged token sales. The Foundation suspects that the sales may involve an infrastructure partner rather than insiders.

Growth of the Sui Network

Recently, the Sui Network achieved a significant milestone with a Total Value Locked (TVL) of $1.772 billion. Key contributors to this success include NAVI Protocol with a TVL of $509 million and Suilend, whose TVL rose to $260 million. Sui Foundation also announced the integration of USD Coin (USDC) into the network.

The rare event of a $400 million insider trade in SUI captured the crypto community's attention, but the Sui Foundation asserts that it involved an infrastructure partner, not insiders.