Sui: The tokens are locked by a third-party custodian, and the development team does not control any tokens

2024-05-05 14:13:28
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ChainCatcher message, in response to recent social media questions regarding the SUI token model and founder control over the tokens, Sui tweeted that its unlocked tokens are held in custody by a third-party custodian, cannot be traded, and are securely stored. The founders of Mysten Labs (the Sui development team) do not control the treasury of the Sui Foundation, community reserves, staking subsidies, or any tokens allocated to investors.

The Sui Foundation is the largest holder of locked tokens, which will be unlocked according to the public issuance plan to support developers, advance the Move programming language, enhance network security, and develop the ecosystem through developer funding, hackathons, bug bounties, academic research, and other programs. Additionally, staking rewards are already in circulation, consisting of staking subsidies and network fees. 100% of the staking rewards received by the Sui Foundation are returned to the community and included in the public distribution plan.

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