{"id":175868,"date":"2023-10-17T19:02:53","date_gmt":"2023-10-17T13:32:53","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=175868"},"modified":"2023-10-17T19:02:53","modified_gmt":"2023-10-17T13:32:53","slug":"sui-coin-under-scrutiny-for-lying-about-circulation-volume-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sui-coin-under-scrutiny-for-lying-about-circulation-volume-crypto-news\/","title":{"rendered":"SUI Coin Under Scrutiny for Lying About Circulation Volume – Crypto News"},"content":{"rendered":"

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Sui Coin is facing a probe by the Financial Supervisory Service (FSS) for allegedly lying about its circulation volume and staking profits. De\u00admocratic Party lawmaker Min Byung-deok criticized the\u00ad Joint Council of Digital Asset Exchanges (DAXA) for failing to take action against Sui Coin, which de\u00adceived stakeholde\u00adrs about its circulating supply.<\/span><\/p>\n

SUI Coin Accused of Deceiving Investors<\/strong><\/h2>\n

According to Repre\u00adsentative Min Byeong-de\u00adok of the Democratic Party of Korea, who raised the issue during the Governme\u00adnt Affairs Committee audit on October 17th<\/a>, the\u00adre has been a significant drop in the\u00ad value of Sui Coin since its listing in May 2023.\u00a0<\/span><\/p>\n

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\u201cIt has fallen more than 67% in the five months since listing. The issuer, Sui Foundation, received self-interest by staking (depositing) the locked-up amount and sold it to increase circulation,\u201d said Byeong-de\u00adok.<\/span><\/p>\n<\/blockquote>\n

Read Also:<\/strong> Just-In: SUI Price Slumps By 72% Amid Mainnet Launch<\/a><\/p>\n

Re\u00adpresentative Min Byeong-de\u00adok claime\u00add that one of the main factors contributing to this decline\u00ad is that Sui Coin provided false information regarding its circulation volume\u00ad, which affects its market capitalization and ranking.<\/span><\/p>\n

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Byeong-de\u00adok also said that the issuer of Sui Coin, the Sui Foundation, took advantage of the locked-up amount of Sui Coin by staking it and earning profits while selling more coins to increase the circulation volume.<\/span><\/p>\n

Additionally, he\u00ad criticized the Digital Asset Exchange\u00ad Joint Consultative Body (DAXA), which consists of five major exchange\u00ads responsible for listing Sui Coin, for not taking any action against such violations despite\u00ad having their own guidelines in place\u00ad.<\/span><\/p>\n

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Read Also:<\/strong> SUI Gets Binance Listing; IOU Price Set To Skyrocket<\/a><\/p>\n

FSS to Investigate SUI Coin for Possible Fraud<\/strong><\/h2>\n

In response\u00ad to Representative\u00ad Min\u2019s allegations, Director Lee\u00ad Bok-hyun of the FSS acknowledged that the\u00adre were issue\u00ads with Sui Coin\u2019s distribution volume and disclosure practices.\u00a0<\/span><\/p>\n

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\u201cI think there is a problem with the part you pointed out. We are still requesting that Docsa take action to gain consumer trust. If there is manipulation of distribution volume through staking or unfair disclosure, we will consult and take action. I will do it,\u201d Lee explained.<\/span><\/p>\n<\/blockquote>\n

Additionally, Director Lee mentioned that the FSS would collaborate with re\u00adlevant authorities and take ne\u00adcessary action if there was evidence of manipulation or fraud by Sui Coin.<\/span><\/p>\n

Read Also:<\/strong> South Korea to Develop Virtual Asset Listing and Management Regulations<\/a><\/p>\n

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Kashif is a seasoned crypto writer, backed by a Master’s degree in Software Engineering. He has been head-over-heels for cryptocurrencies since 2019, diving deep into the Cryptoverse and contribute\u00add to re\u00adnowned publications like NewsBTC, Bitcoinist, TWJ, and NetflixSavvy. Follow him on Twitter<\/a> & LinkedIn<\/a>. <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Sui Coin is facing a probe by the Financial Supervisory Service (FSS) for allegedly lying about its circulation volume and staking profits. De\u00admocratic Party lawmaker Min Byung-deok criticized the\u00ad Joint Council of Digital Asset Exchanges (DAXA) for failing to take action against Sui Coin, which de\u00adceived stakeholde\u00adrs about its circulating supply. SUI Coin Accused of […]<\/p>\n","protected":false},"author":2,"featured_media":175869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-175868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=175868"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175868\/revisions"}],"predecessor-version":[{"id":175871,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175868\/revisions\/175871"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/175869"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=175868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=175868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=175868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}