Sui, a layer-1 blockchain platform, is under scrutiny after allegations surfaced that insiders may have profited from a recent increase in the value of its native token, SUI

The Sui token has experienced a dramatic rise, with its value soaring by over 120% in the last month and currently trading at $2.17 as of October 15. This impressive surge has sparked growing interest from investors but has also raised concerns about potential insider selling.

The concerns point to allegations that insiders had taken advantage of SUI’s rapid rise last month by selling $400 million worth of tokens.

The Sui Foundation has denied allegations that insiders sold $400 million worth of SUI tokens during the cryptocurrency’s recent price surge.

This fiasco comes as the SUI token’s price hit a new all-time high after spiking by more than 108% over the past month.

The Sui Foundation has strongly refuted allegations of insider token sales amounting to $400 million, as the SUI token reaches a new all-time high. This denial comes in response to claims made by an on-chain analyst named Light,