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Sui, an altcoin project listed on Binance, has issued an official statement after being subjected to heavy criticism regarding the majority of its supply being in the hands of founders.
Cyber Capital founder Justin Bons expressed concerns about Sui’s token supply, stating that more than 8 billion SUI has been staked and more than 84% of it is under the control of the founding team. He also pointed out that the founders’ control of most of the supply occurred without any lock-in period or legal guarantees.
To answer the community’s doubts, Sui made an official statement stating that MystenLabs’ founders do not control the Sui Foundation treasury, community reserve, staking allowances, or tokens allocated to investors. According to the statement, Sui Foundation is the largest owner of locked tokens.
In the official statement, the following points were emphasized:
“Recently, there have been some misleading posts about Sui’s token offering. Let’s clarify the situation, starting with the basics: locked tokens are locked by third-party custodians. They cannot be moved and are securely stored until they are unlocked according to Sui’s token emission schedule. Also, “100% of the staking rewards earned by the Sui Foundation are returned to the community and included in the public emissions program.”
With this statement, the Sui project is trying to address the community’s concerns and provide transparency regarding the token supply.
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