The Sui Foundation has ended its partnership with decentralized exchange MovEx.
Sui Has Ended Its Partnership With MovEx After Token Lockup Breach
The Sui Foundation has ended its partnership with decentralized exchange MovEx, following allegations of a contract violation that resulted in more SUI tokens being traded on the open market.
Founded by former Meta employees, the Sui Network is a low-cost blockchain that uses SUI tokens for transaction and maintenance.
As compensation for their work on the exchange product DeepBook, MovEx got 2.5 million SUI, or $1.6 million, from the Sui Foundation. The tokens were subject to a contractual lockup that permitted them to be released at specific points in the future. However, MovEx broke the lockup by starting three transactions totaling 625,000 SUI to three different wallets.
According to the Sui Foundation, MovEx did not notify it of the three transactions that violated the contractual lockup, and no more SUI tokens will be given to MovEx.
MovEx said it will carry on operating but did not object to or refute the Sui Foundation's allegations.
