Sui, a layer-1 blockchain, pushed back on Monday against accusations that insiders had offloaded $400 million worth of SUI tokens during a recent price surge.

The allegations stem from claims that insiders, including a wallet tied to the foundation, profited from the rapid price increase last month.

In response, Sui issued a statement via Twitter, denying the accusations and clarifying that no insiders—including Foundation employees, Mysten Labs (Sui’s core development team), or its investors—had sold any tokens.