South Korean Crypto Sui Coin Faces Investigation for Misleading Investors!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Oct 17, 2023 19:20

Sui Coin, a South Korean cryptocurrency, is under investigation by the Financial Supervisory Service (FSS) for allegedly misleading investors about its circulation volume and staking profits. The Democratic Party of Korea’s Min Byung-deok criticized the Digital Asset Exchange Joint Consultative Body (DAXA) for failing to act against Sui Coin, despite having its own guidelines. The FSS’s director, Lee Bok-hyun, confirmed there had been issues with the cryptocurrency’s distribution and disclosure practices and promised to collaborate with relevant authorities if evidence of manipulation or fraud emerged.