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Sui token faces challenges in its recovery despite dismissal of 'baseless' accusations

Sui token faces challenges in its recovery despite dismissal of ‘baseless’ accusations

– The price of the SUI token has dropped by over 9% following allegations of supply manipulation by South Korean regulators.

– The Sui Foundation, the organization behind Sui, has denied the allegations and called them “unfounded and materially false.”

– South Korean news outlets reported that the country’s Financial Supervisory Service will launch an investigation into the distribution of the SUI token.

– Representative Min Byeong-deok accused the Sui Foundation of staking coins that should have remained in the non-circulating supply and lying about the amount in circulation.

– South Korean lawmakers are increasing their efforts to regulate crypto activity in the country, with new legislation expected in January 2023.

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