Sui Foundation ends relationship with MovEx after contract breach
Quick Take
- The Sui Foundation said that MovEx moved chunks of locked tokens in breach of its agreement.
- The foundation has ended its relationship with the decentralized exchange.
The Sui Foundation has ended its relationship with decentralized exchange MovEx following a breach of its contract.
The foundation said it had given MovEx 2.5 million SUI for its work on the network's native order book, DeepBook — subject to a contractual lockup. However, it found that MovEx made three transactions, moving chunks of the tokens in violation of the agreement.
"Following these events, Sui Foundation has terminated its relationship with the MovEx team. No additional SUI tokens will be distributed to MovEx nor will MovEx remain one of the main contributors to DeepBook," Sui Foundation said in a blog post.
MovEx's tokens have been moved to a custodian wallet that will release them according to the schedule. Sui Foundation said all other tokens subject to such lockups are held with custodians.
Sui Foundation made the statement following allegations that unlocked tokens were being sold on the open market.
MovEx did not immediately reply to a request for comment.
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