The Sui Foundation ends relationship with MovEx
The Sui Foundation has terminated its contract with decentralized exchange MovEx due to a breach of contract. The foundation had provided MovEx with 2.5 million SUI tokens for their work on DeepBook, the network’s native order book. However, MovEx violated the agreement by making three unauthorized transactions with the tokens.
The Sui Foundation has decided to cut ties with the MovEx team and will not distribute any additional SUI tokens to them. MovEx’s tokens have been transferred to a custodian wallet, and their release will be determined according to the schedule. The foundation assures that all other tokens subject to lockups are held with custodians.
Allegations were made that unlocked tokens were being sold on the open market, prompting the Sui Foundation to make this statement. MovEx has yet to respond to requests for comment.
Key Points:
– Sui Foundation terminates contract with MovEx due to breach of contract.
– MovEx made unauthorized transactions with the SUI tokens provided by the foundation.
– No additional SUI tokens will be distributed to MovEx, and they will no longer be a main contributor to DeepBook.
– MovEx’s tokens have been moved to a custodian wallet for future release.
– Allegations of unlocked token sales prompted the Sui Foundation’s statement.
Hot Take:
The breach of contract by MovEx and subsequent termination of their relationship with the Sui Foundation highlights the importance of trust and adherence to agreements in the crypto industry. This incident serves as a reminder for all parties involved to prioritize the security and integrity of token transactions.
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