#suiScam Hashtag Trends on Twitter: Community Accuses SUI of Selling Tokens Without Consent
Cryptocurrency enthusiasts are buzzing with the latest development in the crypto world, as #suiScam has become trending on Twitter. The cryptocurrency community is up in arms against SUI, a blockchain project, which has been accused of scamming its members by selling community tokens without their consent.
The controversy started when Tokenomic, the company behind SUI, announced that they would be allocating tokens to members for testing purposes during devnet and testnet. However, things took a sour turn when SUI sold 5.94% of the community tokens during the mainnet launch.
This move by SUI has left the community feeling cheated and outraged. Many have taken to Twitter to voice their opinions and express their displeasure with the company. The hashtag #suiScam has become a trending topic on the social media platform, with users sharing their stories and warning others to be cautious when investing in cryptocurrencies.
The community is accusing SUI of engaging in fraudulent activities, as the company did not seek their consent before selling the community tokens. This has led to a loss of trust in the company and its future prospects. SUI has been in the spotlight recently, as it raised $49.32 million from the sale of 594 million tokens during its event. However, the recent controversy has cast a shadow over its fundraising efforts.
The incident has also served as a warning to investors, as the cryptocurrency market is largely unregulated, and scams are not uncommon. Investors must exercise caution and do their due diligence before investing in any cryptocurrency. The SUI incident highlights the need for transparency and ethical practices in the cryptocurrency market.
Recently, AZCoin News reported that SUI released a total of 594 million tokens during the event. Out of these, 450 million tokens were made available to the public for purchase, with 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 for 25 million tokens each for OKX and Kucoin and 94 million tokens for Bybits.
The total amount raised from the sale of these tokens was $49.32 million. However, this is not the end of the story. FTX, a leading cryptocurrency exchange, acquired 890 million SUI tokens during Mysten Labs’ B round of financing for $102 million, with an average price of $0.114. 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 a great deal of controversy within the cryptocurrency community, with many accusing SUI of engaging in fraudulent activities. The situation has become so heated that the hashtag #suiScam is now trending on Twitter, with users expressing their displeasure with the company.
It remains to be seen what the future holds for SUI and whether the company will be able to regain the trust of its community members. In the meantime, this incident serves as a warning to investors to be cautious when investing in cryptocurrencies and to do their due diligence before making any investment decisions.
Read more:
- OKX, Bybit, And Kucoin Announce The Listing Of Sui Token Through A Subscription Mechanism
- KuCoin Launches 25th Spotlight Token Sale With Sui (SUI) – Here’s What You Need To Know