Story Protocol Exit Scam & Sui Acquisition Drama
Story Protocol, which raised $40M from a16z and launched a multi-billion dollar token, allegedly exit scammed with the token rugging 99%, rebranded, launched nothing, and was then acquired by Sui for just $30M.
What we know
An account on X expressed shock at Story Protocol's trajectory — a16z-backed, $40M raised, multi-billion token launch that subsequently rugged 99%, a rebrand to 'data network,' and eventual acquisition by Sui for a mere $30M. Another account on X separately flagged the DATA Network joining Sui's stack as bullish, which may be a related or adjacent development in Sui's data infrastructure ambitions.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.