As #suiScam is trending on Twitter, crypto enthusiasts are buzzing about the latest developments in the crypto world. The crypto community has stood up against blockchain project SUI, which has been accused of defrauding its members by selling community tokens without their consent.
The controversy started when Tokenomic, the company behind SUI, announced that it would distribute tokens to members for testing on the devnet and testnet. However, things took a turn for the worse as SUI sold 5.94% of community tokens during the mainnet launch.
This move by SUI left the community feeling cheated and outraged. Many people expressed their displeasure and discontent on Twitter. The hashtag #suiScam has become a trending topic on the social media platform, with users sharing their stories and warning others to exercise caution when investing in cryptocurrencies.
The community accused SUI of engaging in fraudulent activities because the company did not seek their permission prior to the community token sale. This causes investors to lose confidence in the company and its future prospects. SUI recently gained attention for raising $49.32 million during the sale of 594 million tokens during the event. However, recent controversies have cast a pall over these fundraisers.
#suiScam Label #trend On Twitter: Community blames $ Sui Token sale without consent https://t.co/oPJ4MIHyJZ
— Kyptos (@azcoinnews) April 16, 2023
The incident is also a warning to investors, as the cryptocurrency market is largely unregulated and scams are not uncommon. Investors must exercise caution and conduct due diligence before investing in any cryptocurrency. The SUI incident highlights the need for transparency and ethics in the crypto market.
According to reports KyptosOf the 594 million newly issued tokens, 450 million are already available to the public, of which 225 million are OKX and the rest are Kucoin at a price of $0.10. The remaining 144 million SUIs in the whitelist were offered for sale at $0.03, with 25 million tokens each for OKX and Kucoin and 94 million tokens for Bybits.
Total proceeds from the token sale were $49.32 million. However, the story is not over yet. Leading cryptocurrency exchange FTX acquired 890 million SUI tokens at an average price of $0.114 for $102 million in Mysten Labs’ Series B funding round. Currently, these tokens have been acquired by Mysten Labs for $96.3 million in cash.
The community token sale without their consent has caused a lot of controversy, with many accusing SUI of engaging in fraudulent activity. Let us wait and see what the future of SUI will be like and whether we can regain the trust of community members.
- KuCoin Launches 25th Spotlight Token Sale with Sui (SUI) – Here’s How to Join
- OKX, Bybit, and Kucoin announced the launch of Sui tokens and launched a subscription mechanism instead of airdrops
according to Kyptos