Did I invest in a scam project on the SUI network?

The Suishiba developers claim to be doing a token burn, burning 25,000,000 tokens daily. SuiShiba​:droplet::ocean: on Twitter: “On the 5th day, 125 Million SuiShiba Tokens were burned in total Details: https://t.co/5VqguhRYGG #Sui #SuiShiba #memecoins” / Twitter But the sui explorer shows that they are actually minting billions of tokens and selling them. SuiScan - Sui Explorer SuiScan - Sui Explorer Those are just 2 links. Are they scamming or is there something that I am missing here?


While I am unable to comment on the legitimacy of third party projects, I can verify that I am also seeing what you see.

Package containing SUIME: https://suiscan.com/object…module=suime
Package containing SUISHIBA: https://suiscan.com/object…module=suishiba

Neither have mint functionality baked directly in, but it appears that through some sort of manager module, the individuals running these coins are able continue minting new supply. The manager module just linked allows the minting of new SuiShiba.

Looking at address 3322 (link) we can see a plethora of interesting activity.

  1. Minting of 1,000,000,000 SUIME and dumping it 2 minutes later for 451 SUI
  2. Minting of 550,000,010 SuiShiba and dumping it 1 minute later for 762 SUI
  3. Minting of 1,500,000,000 SUIME and dumping it within the same minute for 463 SUI
  4. Minting of 1,025,000,000 SuiShiba and dumping it in two batches, one instantly for 607 SUI and one later that day for 561 SUI

If we look at address fee9 (link) we see more of the same (Not going to bother making a log)

Both addresses offload their SUI to e91e (link). This address only ever sends and receives, it does not interact with contracts

We can then see e91e move 5,490 SUI here, and 6,319 SUI here to 9cbd (link). This is an exchange account belonging to Binance.


Sui itself is not a scam project, but make sure to do your investigations and research before going into any of the third party projects under Sui.