KOL Crypto Fearless Disclosure: SuiLend is accused of "buyback fraud," with project tokens of a $10 million annual revenue still down 92%

According to KOL Crypto Fearless, SuiLend, as the largest lending protocol on the Sui chain, has an annual revenue of 12.35 million USD and a TVL of hundreds of millions of USD. However, its token $SEND has seen a 92% decline after repurchasing over 3 million USD in 9 months, leaving its market cap at only 13 million USD. The project has been classified as ST (serious risk) by Bybit, and the community questions whether the repurchase involves insider trading, becoming a disguised way for the team to offload tokens. In the previous IKA liquidation incident, SuiLend forcibly deducted 6% of the principal from users while retaining the insurance fund, further damaging community trust. The project mainly relies on monthly subsidies of several million USD from the Sui Foundation to maintain operations.