Sui Foundation Denies $400 Million Insider Selling Allegations, Australia's First Ethereum ETF Goes Live, and Metaplanet Increases Its Bitcoin Holdings

Crypto news today, Oct. 15, 2024, highlights major events impacting the market. Sui Foundation addresses insider selling claims, Australia's first Ethereum ETF goes live, and Metaplanet increases its Bitcoin holdings.

Crypto news today, Oct. 15, 2024, highlights major events impacting the market. Here’s a quick rundown of the top stories.

Sui Foundation Addresses $400 Million Insider Selling ClaimsA crypto analyst, Lightcrypto, took to social media on Saturday to share his concerns about $400 million in insider selling allegations involving the Sui token. However, the Sui Foundation has strongly rejected these claims.

In a statement to CoinChapter, the Sui Foundation made it clear that neither insiders, including employees of Mysten Labs nor its founders, sold tokens during this period. The organization highlighted that no one from within the foundation or associated entities sold the tokens.

“The foundation, Mysten Labs employees, and founders are all locked up and did not sell any tokens during this period. The wallet in question might belong to an infrastructure partner who operates under a lock-up schedule, and all token lock-ups are overseen by qualified custodians and are fully compliant with the foundation’s rules,” a Sui Foundation representative told CoinChapter.

Despite these allegations, the Sui token remains stable, with a current trading price of $2.22. Over the past month, the Sui token surged by 100%, showing significant growth, although there have been minor fluctuations in recent days.

Australia’s First Ethereum ETF Goes LiveOn Oct. 15, Australian crypto news reported the launch of its first Ethereum ETF, called the Monochrome Ethereum ETF (IETH). This allows investors direct exposure to Ether. By midday, the ETF had reached $176,600 (or 262,500 Australian dollars) in total assets.

The Monochrome Ethereum ETF enables both cash and Ether-based transactions. It follows the earlier launch of the firm’s Bitcoin ETF in June, which has since grown to $10.7 million in assets. The Monochrome Ethereum ETF has a management fee of 0.50%, and crypto custodians BitGo and Gemini will handle the fund’s assets. State Street Australia serves as the fund’s administrator.

Metaplanet’s Stock Rises After Bitcoin PurchaseJapanese investment firm Metaplanet made crypto news headlines on Oct. 15 after announcing its latest Bitcoin purchase. The firm acquired 107 Bitcoin, bringing its total holdings to 855.5 BTC, valued at over $56 million. This purchase caused Metaplanet’s share price to rise by 16%.

The recent Bitcoin purchase was completed at an average price of $62,520 per coin, which was 5.8% below the market price at the time. This acquisition is part of Metaplanet’s ongoing strategy to increase its Bitcoin reserves.

The company has more than doubled its holdings this month with multiple purchases in October. CEO Simon Gerovich confirmed that Metaplanet has drawn inspiration from MicroStrategy’s Bitcoin investment approach.

“The company has steadily increased its Bitcoin holdings since adopting this strategy, and it now ranks among the largest Bitcoin-holding public companies,” Gerovich added.

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