[BlockMedia by James Jung] Recently, many Sui coins were found to be moving into Upbit, a cryptocurrency exchange. This inflow grew significantly just before the coin’s price jumped.
한글 기사 원문 읽기(To read the original article in Korean, click here)
On June 14th, BlockMedia meticulously analyzed Sui Coin’s price on Upbit, specifically when coins were deposited from the Sui blockchain. The activity of a specific wallet, which was used to transfer Sui coins to Upbit and started its operations on May 4, 2023, the same day Upbit listed Sui, was thoroughly examined.
This wallet, which has the address 0x870afb9e6db12c5e2409fcb04c080046ea3697df5106525439bd75f1c6081203 and can be checked on Suivision, a Sui blockchain explorer, has received Sui coins more than 2,800 times. These coins were then moved to Upbit’s internal wallet, totaling over 95 million Sui coins, valued at about 180 billion won in Korean currency.
Deposits into Upbit have increased dramatically since December 2023, right before the Sui coin price surged. Initially, in May 2023, Sui was priced at 2,000 won but quickly dropped to around 500 won due to concerns over its distribution. Despite this, deposits to Upbit remained steady.
However, in December 2023, there was a massive increase in Sui Coin deposits, leading to a rapid price rise to around 3,000 won. If these deposits had been sold on Upbit before the price increase, the seller could have seen a sixfold profit.
Deposits continued up to June 10th, just before BlockMedia’s report. Upbit clarified that the deposits were not from the Sui Foundation but were made through Travel Rules, a process that verifies and records the identities of coin senders and recipients. This process ensures transparency and security in the transaction, allowing the identities of those sending Sui Coin to Upbit from Binance, OKX, and Bithumb, as well as those receiving it from Upbit, to be known.
BlockMedia contacted the Sui Foundation and Sui blockchain developer Mystenlabs about the wallet and transactions but has yet to receive a response.
Last year, Sui was mentioned in a National Assembly audit, sparking controversy over its unclear distribution management.
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