TechFlow news, November 20: According to KOL Wujie Wuwei, SuiLend, the largest lending protocol on the Sui chain, despite generating annual revenue of $12.35 million and having a TVL in the hundreds of millions of dollars, saw its token $SEND drop by 92% after repurchasing over $3 million within nine months, leaving its market cap at just $13 million. The project has been listed by Bybit as ST (severe risk), with the community suspecting insider trading in the buybacks, effectively enabling the team to covertly offload holdings. In a previous IKA liquidation incident, SuiLend forcibly deducted 6% of users' principal while retaining the insurance fund, further damaging community trust. The project primarily relies on monthly subsidies worth millions of dollars from the Sui Foundation to sustain operations.
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