On June 28, the Sui Foundation, the organization behind the Sui cryptocurrency network, issued an official statement denying the sale of betting rewards on the Binance cryptocurrency exchange.
The content of the announcement posted by the company on Twitter is as follows:
“Sui Foundation does not sell any betting rewards or any other tokens from locked SUI bets, and they are also not circulating on Binance or elsewhere. All internal token allocations must still comply with and adhere to their lock-up periods and other transfer restrictions.”
According to the company, the unlocking of SUI tokens has been “proceeding as planned.” SUI issued 61 million tokens worth $62 million on June 3rd and aims to double the token supply in November this year.
Currently, there are over 604 million circulating SUI tokens in the market with a market capitalization of $435 million. Each token is being traded at approximately $0.72.
Web3 infrastructure company Mysten Labs recently launched the mainnet of Sui on May 3rd. Sui competes with other Layer-1 networks like Solana by increasing block scarcity and offering a blockchain capable of supporting up to 300,000 transactions per second with 100 testnet validators.