Shocking revelation: Sui Network addresses allegations on twisting emission charts & staking reward dumping

Sui Network, an L1 blockchain platform, has taken to Twitter to clear the air after speculations that they deliberately misrepresented the emission chart and that the team was dumping staking rewards in the company's native token, SUI.

Timeline of Sui

Blockchain security firm CertiK is receiving a big reward for discovering a major security threat to the layer-1 blockchain project Sui Network (SUI). According to a new press release, Sui is giving CertiK a $500,000 reward for identifying the threat codenamed “HamsterWheel,” which could have crippled the entire blockchain network.

The innovative audit firm, CertiK, recently unveiled a potentially catastrophic bug lurking within the Sui network, preventing a potential disaster. In recognition of the significance of this finding, the Sui Foundation rewarded CertiK with a substantial $500,000 award.

Blockchain security firm CertiK has been awarded a $500,000 bounty by Sui for identifying and reporting a critical vulnerability called "HamsterWheel" before Sui's mainnet launch.

Sui awarded $500,000 to blockchain security firm CertiK for discovering a critical ‘HamsterWheel' vulnerability on its network, according to a June 19 blog post. In the blog post, CertiK's Skyfall team detailed the technical aspects of the HamsterWheel attack, explaining how it would have negatively impacted Sui and how it was fixed.

Over the last 24 hours, SUI has put on a tremendous rally and has risen over 15% in this time period. With this rally, the altcoin has moved once more into bullish territory, which begs the question of whether SUI would be on its way back to $1 soon.

Turbos Finance, a project in the Sui ecosystem, has today launched a smart routing mechanism tailored to the Sui-Move programming language. Until now, Sui users who wanted to use the USDC stablecoin on Sui had to first wrap USDC on the source network.

The crypto market once again experienced a sell-off this week, leading to a plunge in the price of many crypto assets. The impact of this market downturn is not limited to Bitcoin alone, as it has affected various cryptocurrencies, including Sui (SUI), a Layer 1 smart contract platform.

According to the most recent Sui price analysis, the market has displayed a bullish trend with signs of recovery over the past 24 hours. Despite a gradual price oscillation, the bulls have successfully gained dominance on the price chart by elevating the coin's value.

SUI Price Analysis: In the 4-hour time chart, the sideways trend of the SUI coin price is strictly resonating between two converging trendlines. The price action bounced off twice from the upper trendline thrice and the lower trendline twice reflecting its strong influence on market traders.

[PRESS RELEASE – New York, United States, May 19th, 2023] Hyperspace, the pioneering NFT marketplace, and launchpad, today announced a partnership with Mysten Labs, a web3 infrastructure company and original contributor to Sui, a Layer 1 blockchain, to help bring Hyperspace onto the protocol.