Cryptocurrency enthusiasts are awash with the latest development in the crypto world as #suiScam is trending on Twitter. The altcoin community accuses SUI of selling tokens without permission.
Community angry at altcoin project, SUI accusing him of fraud!
The cryptocurrency community has revolted against SUI, a blockchain project. This altcoin project is accused of defrauding its members by selling community tokens without their consent.
The discussion started when Tokenomic, the company behind SUI, announced that it will allocate test tokens to members during devnet and test-net. However, things turned around when SUI sold 5.94% of the community tokens during its main-net launch.
This move by SUI made the community feel cheated and angry. Many took to Twitter to voice their opinions and express their dissatisfaction with the company. The hashtag #suiScam became a trending topic on the social media platform, and users shared their stories, warning others to be careful when investing in cryptocurrencies.
The community accuses SUI of engaging in fraudulent activities because the company did not get their approval before selling the community tokens. This led to a loss of confidence in the company and its future prospects. SUI has been in the limelight recently as it raised $49.32 million from 594 million token sales during its event. However, recent controversies have overshadowed fundraising efforts.
The event highlights the need for transparency and ethical practices
The cryptocurrency market is largely unregulated and scams are not uncommon. Therefore, the event also serves as a warning to investors. Investors should be careful and do due diligence before investing in any cryptocurrency. The SUI incident highlights the need for transparency and ethical practices in the cryptocurrency market.
cryptocoin.comAs you follow, SUI recently released a total of 594 million tokens during the event. Of these, 450 million tokens were offered to the public for purchase, 225 million tokens each for OKX and Kucoin at a price of $0.1. The remaining 144 million whitelisted SUI tokens were made available for purchase at a price of $0.03, with 25 million tokens each for OKX and Kucoin and 94 million tokens for Bybits.
The total amount from the sale of these tokens is $49.32 million. However, this is not the end of the story. FTX, a leading cryptocurrency exchange, purchased 890 million SUI tokens for $102 million at an average price of $0.114 during Mysten Labs’ round B funding. Currently, these tokens have been repurchased by Mysten Labs for $96.3 million in cash.
The sale of community tokens without their consent has caused great controversy within the cryptocurrency community, with many accusing SUI of engaging in fraudulent activities. The situation became so heated that the hashtag #suiScam was trending on Twitter, with users expressing their dissatisfaction with the company. It is not yet clear what the future holds for SUI and whether the company will be able to regain the trust of community members.
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