Official Response from Altcoin Project Listed on Binance (BNB) Amidst Heavy Criticism
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- A listed altcoin project on Binance, Sui, is facing criticism for the majority of its supply being held by the founders.
- Justin Bons, founder of Cyber Capital, recently voiced concerns about Sui’s token supply, criticizing the fact that more than 84% of the staked supply is controlled by the founding team.
- In response to these concerns, Sui clarified that the founders of MystenLabs do not control the Sui Foundation treasury, community reserves, staking allowances, or tokens allocated to investors.
Amidst concerns about the distribution of Sui’s token supply, the project clarifies its stance, ensuring that the founders do not control the majority of the supply. This article dives into the details of the controversy and Sui’s response.
Concerns Raised Over Sui’s Token Supply
Recently, Justin Bons, the founder of Cyber Capital, raised concerns about the distribution of Sui’s token supply. He criticized the fact that more than 8 billion SUI tokens have been staked, with over 84% of this staked supply being controlled by the founding team. Bons also pointed out that the founders control the majority of the supply without any lock-up period or legal guarantees.
