Sui Foundation Ends Partnership with MovEX
The Sui Foundation, the non-profit organization behind the Sui Network, has terminated its partnership with MovEX, a decentralized exchange (DEX) and liquidity management platform, due to a violation of a lockup agreement. MovEX moved some Sui tokens (SUI) that were subject to a contractual lockup without informing or seeking consent from the organization, leading to accusations of misrepresented emissions.
Main Breakdown
– MovEX violated a lockup agreement with the Sui Foundation by moving Sui tokens without consent.
– MovEX was an early contributor to Sui and played a role in the network’s DeepBook.
– A portion of the SUI supply was in circulation, while the rest was released on a schedule.
– Accusations arose in June that Sui intentionally misrepresented token emissions and dumped rewards on Binance.
– The Sui Foundation discovered that MovEX executed the transactions in question.
Sui Foundation Takes Action
The Sui Foundation has cut ties with MovEX as a result of the breach of the contractual lockup and the failure to seek consent before initiating the transactions. The foundation requested that MovEX move the tokens to a qualified custodian who will release them according to the emission schedule.
MovEX Responds
MovEX responded to the partnership termination by expressing understanding and gratitude for the support received from the community. They explained that the tokens were distributed to custodian and non-custodian wallets.
Hot Take
The termination of the partnership between the Sui Foundation and MovEX highlights the importance of trust and adherence to contractual agreements in the crypto industry. This incident raises concerns about token emissions and the need for transparency in the ecosystem. It is crucial for projects and partners to maintain integrity and uphold the terms agreed upon to ensure the stability and trustworthiness of the crypto community.
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