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Sui Network – a layer 1 blockchain – has gained significant traction since its mainnet launch in May. However, South Korean regulators believe the developers lied about several aspects of the token. According to the latest report by a local news agency, the director of the Financial Supervisory Service said that an investigation will be conducted to determine whether SUI is operating as a fraudulent scheme.
“The price of Sui Coin has plummeted, and the main reason is that they lied about the amount in circulation, but they are not raising the issue. It has fallen more than 67% in the five months since listing. The issuer, Sui Foundation, received self-interest by staking the locked-up amount and sold it to increase circulation.”
Furthermore, Digital Asset Exchange Alliance , a consortium comprising major cryptocurrency exchanges in South Korea, faced criticism for purportedly neglecting to verify. The representative argued that no actions were taken against SUI, even though it clearly violated the guidelines established by the alliance responsible for overseeing the cryptocurrency industry in the country.
Director Lee also highlighted the presence of institutional limitations, noting that the recently enacted Virtual Asset User Protection Act lacks essential provisions for supervising primary markets and exchanges. He stressed the necessity for further discussion in the subsequent legislative phase.In a message posted on X , the SUI Foundation affirmed that it has not engaged in any liquidation of SUI tokens, including those received as staking rewards.
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