Just In: SUI Coin Under Scrutiny for Lying About Circulation Volume

Sui Coin is facing a probe by the Financial Supervisory Service (FSS) for allegedly lying about its circulation volume and staking profits. Democratic Party lawmaker Min Byung-deok criticized the Joint Council of Digital Asset Exchanges (DAXA) for failing to take action against Sui Coin, which deceived stakeholders about its circulating supply.

SUI Coin Accused of Deceiving Investors

According to Representative Min Byeong-deok of the Democratic Party of Korea, who raised the issue during the Government Affairs Committee audit on October 17th, there has been a significant drop in the value of Sui Coin since its listing in May 2023.

“It has fallen more than 67% in the five months since listing. The issuer, Sui Foundation, received self-interest by staking (depositing) the locked-up amount and sold it to increase circulation,” said Byeong-deok.

Representative Min Byeong-deok claimed that one of the main factors contributing to this decline is that Sui Coin provided false information regarding its circulation volume, which affects its market capitalization and ranking.

Byeong-deok also said that the issuer of Sui Coin, the Sui Foundation, took advantage of the locked-up amount of Sui Coin by staking it and earning profits while selling more coins to increase the circulation volume.

Additionally, he criticized the Digital Asset Exchange Joint Consultative Body (DAXA), which consists of five major exchanges responsible for listing Sui Coin, for not taking any action against such violations despite having their own guidelines in place.

FSS to Investigate SUI Coin for Possible Fraud

In response to Representative Min’s allegations, Director Lee Bok-hyun of the FSS acknowledged that there were issues with Sui Coin’s distribution volume and disclosure practices.

“I think there is a problem with the part you pointed out. We are still requesting that Docsa take action to gain consumer trust. If there is manipulation of distribution volume through staking or unfair disclosure, we will consult and take action. I will do it,” Lee explained.

Additionally, Director Lee mentioned that the FSS would collaborate with relevant authorities and take necessary action if there was evidence of manipulation or fraud by Sui Coin.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Kashif Saleem

Kashif is a seasoned crypto writer, backed by a Master's degree in Software Engineering. He has been head-over-heels for cryptocurrencies since 2019, diving deep into the Cryptoverse and has authored more than 1k articles on cryptocurrency and blockchain. Follow him on X & LinkedIn or reach him at [email protected].

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.