SUI Token Drops Amidst South Korean Regulatory Allegations

SUI Tokens Faces Decline Amid South Korean Regulatory Accusations

The native SUI token of Sui has faced a 7% decline in two days, dropping from $0.41 on Oct. 16 to $0.37 on Oct. 18, partly due to accusations by South Korean regulators. The Sui Foundation, behind the layer-1 blockchain, rejected claims of supply manipulation, stating that no SUI tokens were vended by the Foundation after the initial Community Access Program distributions. South Korean regulators are commencing an investigation into SUI token distribution based on accusations by Representative Min Byeong-deok, who accused the foundation of self-interest by staking locked coins and lying about circulating supply. South Korea is operating on comprehensive crypto regulation for early 2024.