Price of SUI Altcoin Falls Amid Investigation by Korean Regulator
The price of the Sui blockchain token (SUI) dropped on Wednesday to a low of $0.36, a decrease of 82.4% from its all-time high.
This negative trend has been ongoing since the coin’s launch, but has become more severe in recent days due to news of the Sui Foundation drawing the attention of South Korean authorities.
The day before the price drop, Lee Bok Hyun, Chairman of the Financial Services Commission (FSS), announced during a speech to the House of Representatives that an investigation will be conducted into certain foreign cryptocurrencies, including the Sui Foundation, as reported by local publication Block Media.
During his speech, Hyun used the terms “burgercoins” and “kimchicoins” to refer to Western and local digital assets, respectively.
The head of the FSS addressed concerns from member of the Democratic Party, Min Byung-deok, who had warned about potential manipulation of the SUI proposal by the Sui Foundation for personal gain.
Hyun stated that the fund had blocked staking tokens that were not supposed to be in circulation and profited from this, along with improperly increasing the circulation of the asset through the sale of earned coins.
