[Blockmedia] Binance Labs, a venture capital arm of the cryptocurrency exchange Binance, has stepped forward to explain the controversy over the distribution volume of Sui, a new cryptocurrency developed by Mysten Labs.
The controversy arose after a Binance Labs spokesperson emailed Blockmedia, a Korean cryptocurrency news outlet, claiming that the Sui Foundation does not own a Binance account and has never sold Sui Coin on Binance.
However, Binance’s Korean press representative has clarified that Binance Labs is a separate company from the exchange Binance. Therefore the Labs employee’s explanation cannot be immediately recognized as the exchange’s explanation.
Binance Labs has also declined to provide further information, stating that they do not know exactly what Binance should provide and that Blockmedia will need to review whether Binance Labs can provide this information.
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The Sui Foundation has also misrepresented the situation, posting a feed on their website, saying that they “share Binance’s confirmation” of the email, even though it was not from Binance itself.
Blockmedia is currently investigating how the email was delivered to the Sui Foundation and how it was posted on their website without the consent of Blockmedia. Blockmedia plans to hold those involved accountable if any illegal information is discovered.
Questions Remain About Binance’s Role
The controversy over the Sui distribution volume has raised questions about Binance’s role. It is unclear why Binance Labs is stepping forward to explain the situation on behalf of the Sui Foundation, and whether Binance itself is involved in the distribution of Sui.
Blockmedia’s investigation is ongoing, and we will provide further updates as they become available.
By A-in Jung ainjung@blockmedia.co.kr
