Sui Foundation Refutes Claims Of Dumping Locked Staking Rewards On Binance

The team behind the Sui network and its native SUI token has taken to Twitter to deny allegations of selling locked staking rewards on Binance. Word on the street is that the team moved a huge amount of locked staking rewards and dumped them on Binance to cash in.

Timeline of Sui

In a recent series of Twitter posts, the team behind the Sui network and its native SUI token refuted allegations claiming that they had unlocked SUI staking rewards and subsequently “dumped” them on the cryptocurrency exchange Binance.

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.

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.