Sui Network, which gained fame among the Turkish crypto community for its airdrop news, is under fire for an altcoin project it hosts. Suiswap, a Sui-based DEX, is allegedly ‘copied’ from another project.
Altcoin investors find out Suiswap is ‘copy paste’
According to the report by DeFi research @thiccythot_ from Twitter, Suiswap was a clone of Aptoswap, an Aptos-based DEX. The DeFi watchdog reports that there are great similarities between the two altcoin projects.
According to its report, “The metadata of the SuiSwap site is the image of AptosSwap. The developers didn’t even bother to change the metadata for this low-effort copy and paste operation.”
Sui Network has recently been criticized for being largely under the control of VC companies. Claims that Suiswap is a copy also drew the reaction of another researcher, DeFi Squared. Following the allegations against Suiswap, @DefiSquared wrote on Twitter:
Suiswap, SUI’s $200 million flagship copy of the DEX, worked so hard from Aptos that they even forgot to change the metadata of the website. But certainly with a valuation of $10 billion, SUI isn’t just steam software that pays VCs a lot, right?
Only 3 days left for the first exam
The above claims about Suiswap have already reached thousands of investors. However, Sui Network will unlock 61 million SUIs on June 3. In other words, $59 million worth of altcoins are released on this date.
Meanwhile, Sui has confirmed that it will launch more tokens in November. However, unlike other token opening events, Sui plans to distribute these tokens to its users.
The reports also reveal the control of VC companies and the impact on the SUI token. A large 90% of allocated tokens are controlled by the Sui Foundation, early contributors, Mysten Labs Treasury, and VC Series A and B sales.
Altcoin investors take action: SUI price drop begins
Unsurprisingly, SUI prices soared to the big unlock event. However, things are turning around today. The SUI price is currently down around 7% from the last 24 hours.
Also, SUI has lost almost 15% in the last two weeks as interest around the project has faded. Additionally, it dropped 55% from its ATH level just after its launch on May 3, about a month ago.
Rival VC-backed project Aptos is experiencing a similar situation, losing 57% since ATH in January. Individual investors seem to be moving away from heavily insider-controlled projects.
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