{"id":85911,"date":"2023-10-18T16:42:20","date_gmt":"2023-10-18T13:42:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85911"},"modified":"2025-09-13T02:14:38","modified_gmt":"2025-09-12T23:14:38","slug":"sui-price-falls-to-new-lows-amid-korean-regulator-investigation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sui-price-falls-to-new-lows-amid-korean-regulator-investigation\/","title":{"rendered":"SUI price falls to new lows amid Korean regulator investigation"},"content":{"rendered":"

On October 18, the price of the Sui blockchain token (SUI) reached<\/a> a low of $0.36 \u2014 a drop of 82.4% from the ATH<\/span>. The negative trend had persisted since the launch of the coin<\/a>, but in recent days it intensified after news of South Korean authorities’ interest in the Sui Foundation.<\/p>\n

\\\"SUI
15-minute chart of SUI\/USDT on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

On the eve of the decline, the head of the Financial Supervisory Service (FSS) Lee Bok-hyun, in remarks before the House of Representatives, announced an upcoming investigation into certain foreign cryptocurrencies and their issuers, notably the Sui Foundation, according to the local publication Block Media.<\/p>\n

To designate Western digital assets, the official used the term ‘burger coins’, and for locals \u2014 ‘kimchi coins’.<\/p>\n

The head of the FSS responded to a warning from Democratic Party member Min Ben Dok that the Sui Foundation manipulated the supply of SUI for personal gain.<\/p>\n

According to him, the Foundation blocked in staking<\/a> tokens that should not be in circulation, and profited from this. He also claims that the organization unlawfully increased the asset’s issuance by selling the earned coins.<\/p>\n

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\u201cSUI, which is listed on five domestic exchanges, fell by 67.1% over five months since listing. The Korea Digital Asset Exchange Alliance (DAXA) \u2014 comprising five trading platforms \u2014 Upbit, Bithumb, Coinone, Korbit, Gopax \u2014 has taken no action to counter the decline in prices, which has caused significant investor dissatisfaction,\u201d added Min Ben Dok.<\/p>\n<\/blockquote>\n

The speaker cited a report by a Hansung University professor and a DAXA adviser Cho Je-u, according to which \u201cthe Sui Foundation’s profit earned as interest amounts to $2.8 million.\u201d<\/p>\n

The expert’s analysis also showed that the Foundation allegedly sold \u201ca large amount of SUI\u201d on the over-the-counter market weeks before listing.<\/p>\n

The head of the FSS pledged to verify the supply-manipulation data and then reach out to the Alliance for further information.<\/p>\n

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\u201cWith regard to the equity side, checks are conducted related to secondary and primary markets, listing or delisting, and there exists a ‘Chinese wall’. I have strong doubts about the existence of this wall at DAXA and at some individual exchanges,\u201d Bok Hyun added.<\/p>\n<\/blockquote>\n

Sui Foundation representatives rushed to rebut the Korean officials’ accusations and pointed to “some inaccuracies”.<\/p>\n

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We want to address some inaccuracies that have been reported today.<\/p>\n

Sui Foundation has been and remains committed to cooperating with DAXA and its member exchanges in the spirit of full compliance and transparency.<\/p>\n

The unfounded and materially false statements surrounding the\u2026<\/p>\n

\u2014 Sui Foundation (@SuiFoundation) October 17, 2023<\/a><\/p><\/blockquote>\n