Home Crypto Sui Foundation ends partnership with MoveEX following contract violation

Sui Foundation ends partnership with MoveEX following contract violation


Sui Foundation has terminated their partnership with MovEX (a decentralized trading platform and liquidity management system) after a violation of the lockup agreement.

According to a post on the Sui Foundation’s blog, MovEX transferred some Sui Tokens (SUI), which were locked up by contract, without notifying or obtaining consent from the organization. This prompted accusations of misrepresented emission from the cryptocommunity.

Sui Foundation Severs ties with MovEX

MovEx was an early contributor to Sui during its mainnet launch in May, serving as a core builder for the network’s DeepBook, a shared decentralized central limit order book created for the ecosystem.

At that time, only 5.15% was available in the SUI network. The rest of the supply would be released to contributors on a predetermined schedule, to ensure the stability of the network. Tokens were locked up according to the release schedule.

In June, DefiSquared, a pseudonymous user of Twitter, was found to be threatening the public. accused Sui is accused of deliberately misrepresenting token emission and dumping rewards for locked, non-circulating staked SUI at Binance.

Through a series of investigations, the Sui Foundation found that…

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