{"id":544685,"date":"2023-07-27T19:00:33","date_gmt":"2023-07-27T19:00:33","guid":{"rendered":"https:\/\/www.wncen.com\/?p=544685"},"modified":"2023-07-27T15:29:55","modified_gmt":"2023-07-27T15:29:55","slug":"sui-foundation-dumps-movex-after-contract-violation","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/sui-foundation-dumps-movex-after-contract-violation\/","title":{"rendered":"Sui Foundation Dumps MovEX After Contract Violation"},"content":{"rendered":"

Sui Foundation has ended its relationship with the decentralized exchange MovEX following a breach of contract. The foundation alleged that MovEX had released a significant amount of SUI tokens – subject to a contractual lockup – into circulation.<\/span><\/p>\n

Sui Foundation Terminates Relationship With MovEX For Unlocking 2.5 Million Tokens<\/span><\/h2>\n

On July 26, 2023, the Sui Foundation released a <\/span>blog post<\/span><\/a>, explaining the network\u2019s token supply and the essence of its token release schedule. The foundation also announced the termination of its relationship with MovEX after breaching its token lockup contract.\u00a0<\/span><\/p>\n

Related Reading: Shibarium Bridge Goes Live In Beta But There\u2019s A Catch<\/a><\/div>\n

According to the foundation, early contributors to the network received SUI tokens that were <\/span>subject to a lockup period – only to be released based on a preset schedule. MovEX was one of the recipients of this token allocation, collecting 2.5 million SUI tokens as payment for its contribution to the exchange product DeepBook.\u00a0<\/span><\/p>\n

However, the decentralized exchange (DEX) was found to have violated the token lockup by moving its entire allotment of tokens in three (625,000 SUI) transactions to three separate wallets.\u00a0<\/span><\/p>\n

At the time, these transactions raised questions about the Sui Foundation, with some tweets<\/a> implying that the foundation \u201cintentionally misrepresented\u201d the token emissions schedule. T<\/span>he foundation denied these claims and has further clarified in its latest post that it didn’t consent to the three transactions by MovEX.\u00a0<\/span><\/p>\n

As a result of these events, the Sui Foundation has cut off ties with the decentralized exchange. It also confirmed that no additional SUI tokens will be distributed to MovEX, nor will the DEX remain a contributor to DeepBook.<\/span><\/p>\n

\u201cBy July 3, upon Sui Foundation\u2019s request, MovEX had moved the entire allotment of 2.5M tokens to a wallet at a qualified custodian who will release them according to the contractual lockup schedule in compliance with the previously released token emissions schedule,\u201d the foundation noted.<\/span><\/p>\n

According to the analytics dashboard Token Unlocks<\/a>, a total of 646.25 million SUI tokens have been unlocked so far, with the next unlocking event expected to take place on July 31.<\/span><\/p>\n

\"Sui<\/p>\n

SUIUSDT valued at $0.6359 | Source: daily SUIUSDT chart from TradingView<\/a><\/pre>\n
MovEX Addresses Community On Situation<\/span><\/h2>\n
On Thursday, July 27, the team behind MovEX released a statement on Twitter, addressing its community on the situation. In the <\/span>tweet<\/span><\/a>, the project acknowledged that it received the SUI tokens – as claimed by the Sui Foundation.<\/span><\/p>\n
Related Reading: Short-Lived Hype: Worldcoin (WLD) Signups Dwindle Less Than A Week After Launch<\/a><\/p>\n
MovEX also stated that it transferred its entire allotment of SUI tokens to \u201ccustodian and non-custodian wallets\u201d. While confirming that it has moved the tokens back to a qualified custodian, the DeFi protocol claims to understand the decision of the Sui Foundation.<\/span><\/p>\n
MovEX is a decentralized exchange native to the Sui network. According to the protocol\u2019s whitepaper, it combines an automated market maker (AMM) and order book to create a hybrid liquidity DEX.<\/span><\/p>\n
Featured image from Dreamstime, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"
Sui Foundation has ended its relationship with the decentralized exchange MovEX following a breach of contract. The foundation alleged that MovEX had released a significant amount of SUI tokens – subject to a contractual lockup – into circulation. Sui Foundation Terminates Relationship With MovEX For Unlocking 2.5 Million Tokens On July 26, 2023, the Sui Foundation released a blog post, explaining the network\u2019s token supply and the essence of its token release schedule. The foundation also announced the termination of its relationship with MovEX after breaching its token lockup contract.\u00a0 Related Reading: Shibarium Bridge Goes Live In Beta But There\u2019s A Catch According to the foundation, early contributors to the network received SUI tokens that were subject to a lockup period – only to be released based on a preset schedule. MovEX was one of the recipients of this token allocation, collecting 2.5 million SUI tokens as payment for its contribution to the exchange product DeepBook.\u00a0 However, the decentralized exchange (DEX) was found to have violated the token lockup by moving its entire allotment of tokens in three (625,000 SUI) transactions to three separate wallets.\u00a0 At the time, these transactions raised questions about the Sui Foundation, with some tweets implying that the foundation \u201cintentionally misrepresented\u201d the token emissions schedule. The foundation denied these claims and has further clarified in its latest post that it didn’t consent to the three transactions by MovEX.\u00a0 As a result of these events, the Sui Foundation has cut off ties with the decentralized exchange. It also confirmed that no additional SUI tokens will be distributed to MovEX, nor will the DEX remain a contributor to DeepBook. \u201cBy July 3, upon Sui Foundation\u2019s request, MovEX had moved the entire allotment of 2.5M tokens to a wallet at a qualified custodian who will release them according to the contractual lockup schedule in compliance with the previously released token emissions schedule,\u201d the foundation noted. According to the analytics dashboard Token Unlocks, a total of 646.25 million SUI tokens have been unlocked so far, with the next unlocking event expected to take place on July 31. SUIUSDT valued at $0.6359 | Source: daily SUIUSDT chart from TradingView MovEX Addresses Community On Situation On Thursday, July 27, the team behind MovEX released a statement on Twitter, addressing its community on the situation. In the tweet, the project acknowledged that it received the SUI tokens – as claimed by the Sui Foundation. Related Reading: Short-Lived Hype: Worldcoin (WLD) Signups Dwindle Less Than A Week After Launch MovEX also stated that it transferred its entire allotment of SUI tokens to \u201ccustodian and non-custodian wallets\u201d. While confirming that it has moved the tokens back to a qualified custodian, the DeFi protocol claims to understand the decision of the Sui Foundation. MovEX is a decentralized exchange native to the Sui network. According to the protocol\u2019s whitepaper, it combines an automated market maker (AMM) and order book to create a hybrid liquidity DEX. Featured image from Dreamstime, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":544711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[88720,87261,88518,88213,88415],"class_list":["post-544685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-movex","tag-sui","tag-sui-foundation","tag-sui-network","tag-suiusdt"],"acf":[],"yoast_head":"\nSui Foundation Dumps MovEX After Contract Violation<\/title>\n<meta name=\"description\" content=\"Sui Foundation has ended its relationship with decentralized exchange MovEX following a breach of contract involving token unlock.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/www.wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Sui Foundation Dumps MovEX After Contract Violation","url":"http:\/\/www.wncen.com\/news\/sui-foundation-dumps-movex-after-contract-violation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/sui-foundation-dumps-movex-after-contract-violation\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/07\/image_2023-07-27_15-59-38.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/07\/image_2023-07-27_15-59-38.png?fit=959%2C500"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["movex","sui","sui foundation","sui network","suiusdt"],"dateCreated":"2023-07-27T19:00:33Z","datePublished":"2023-07-27T19:00:33Z","dateModified":"2023-07-27T19:00:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Sui Foundation Dumps MovEX After Contract Violation\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/sui-foundation-dumps-movex-after-contract-violation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/sui-foundation-dumps-movex-after-contract-violation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/image_2023-07-27_15-59-38.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/image_2023-07-27_15-59-38.png?fit=959%2C500\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"movex\",\"sui\",\"sui foundation\",\"sui network\",\"suiusdt\"],\"dateCreated\":\"2023-07-27T19:00:33Z\",\"datePublished\":\"2023-07-27T19:00:33Z\",\"dateModified\":\"2023-07-27T19:00:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/07\/image_2023-07-27_15-59-38.png?fit=959%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/544685"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=544685"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/544685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/544711"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=544685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=544685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=544685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}