.SuiFoundation has terminated its relationship with decentralized exchange MovEx after a breach of their contract that caused additional sui (SUI) tokens to be circulated in the open market. By shauryamalwa.
MovEx received some 2.5 million SUI, worth $1.6 million at current prices, from the Sui Foundation as payment for its work on exchange product, subject to a contractual lockup that allowed the tokens to be unlocked at certain periods in the future.
“MovEx did not make Sui Foundation aware of the three transactions in violation of the contractual lockup, and the Sui Foundation did not consent to them,” the Foundation said. No additional SUI tokens will be distributed to MovEx nor will MovEx remain one of the main contributors to DeepBook, Sui Foundation further stated.
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