SUI, which has increased by 100% in the last 1 month and more than 400% in 1 year, the alleged $400 million ‘insider’ sale was denied by the SUI Foundation.

In the official statement made by the foundation, “Neither the foundation nor Mysten Labs has made a sale. Investors and employees have not made any sales,” the statement said.

Unknown to whom it belongs

Yesterday on X, it was stated that the ‘insiders’, who were stated to have a large amount of SUI in their hands, sold $400 million worth of tokens. An account called Lightcrypto shared the selling wallets, but could not reveal who these wallets belonged to. The SUI Foundation also completely rejected the claims that these accounts belong to them. The wallets appear to be participants in the ICO at SUI, but it is still unknown to whom these accounts belong.

The Lightcrypto account also questioned the recent sharp rise in SUI and said, “Those who know the true value of SUI are those who built this ecosystem and we see them selling now. Those who have less idea about it believe that they have achieved a certain momentum and that the rise will continue further,” he said.

The SUI Foundation also stated that the $400 million token sold on the open market may have been made by an infrastructure partner and that the sale may have been caused by the end of the lock period.