It is alleged that an insider trading incident occurred before the large altcoin purchase announced by a US company today.
Mill City Ventures III, a publicly traded financial firm based in the United States, is making a major move into the cryptocurrency world. The company announced a $450 million private funding round and announced that it will build its new treasury strategy on Sui (SUI).
According to the company’s press release, approximately 98% of this funding will be used to acquire SUI through the open market and direct agreements with the Sui Foundation. The remaining 2% is earmarked to support Mill City’s current short-term lending operations.
This strategic shift marks one of the largest acquisitions for SUI to date, propelling Mill City Ventures into a future built on blockchain technology. According to its own data, the Sui network hosts projects operating in areas such as high transaction volume, payment systems, gaming applications, and artificial intelligence infrastructure.
The funding round was led by digital asset-focused hedge fund Karatage Opportunities and the Sui Foundation. Karatage founders Marius Barnett and Stephen Mackintosh will also serve as Mill City’s chairman and chief investment officer, respectively.
The transaction is expected to be completed by the end of July.
However, the development has raised some suspicions. Cryptocurrency analyst Eugene Ng Ah Sio claimed on social media that an insider may have made the transaction before the deal was announced:
I didn’t like the fact that the SUI rally was caused by insider trading prior to the treasury deal. I don’t think this is a major development, and I don’t know how much was taken, but I closed my long position with profit taking. The BNB and SUI treasury news came out today, so what’s next?
