Decentralized exchange MovEx faces fallout as Sui foundation alleges contract violations

Sui Foundation has cut all ties with decentralized exchange MovEx, citing multiple contract violations. The Foundation allegedly paid $2.5 million SUI to MovEx for developing DeepBook, the network’s native order book.

However, things took an unexpected turn when the Foundation discovered that MovEx had breached the terms of the agreement on three separate occasions by tampering with portions of the tokens involved.

The contract stipulated that the funds provided by the Sui Foundation would be temporarily locked up until the completion of the project. As a result, the Foundation entrusted MovEx with a considerable amount of responsibility. Regrettably, the suspicions raised by rumors circulating about unlocked tokens being openly traded prompted the Foundation to take action.

Consequently, the Sui Foundation swiftly terminated its collaboration with the MovEx group. Furthermore, the Foundation made it clear that MovEx would no longer be considered one of the primary contributors to the ongoing development of DeepBook.

All MovEx’s tokens have been safely transferred to a custodian wallet to protect the assets and maintain security. This measure ensures the tokens remain secure until their scheduled release per the initial agreement’s terms. Moreover, the Foundation has taken additional precautions to ensure that all other tokens subject to lockups are also in the custody of trusted custodians.

The severance of ties between the Sui Foundation and MovEx has sent shockwaves through the cryptocurrency community. Many had anticipated a fruitful collaboration that would benefit the development of DeepBook, but these recent revelations have significantly changed the landscape.

However, the Sui Foundation remains resolute in its commitment to the project. While the setback with MovEx may have caused some concern, the Foundation is actively exploring alternative partnerships to continue the progress of DeepBook. Significantly, the Foundation emphasizes that this development will maintain the project’s timeline and assure the community that they are dedicated to fulfilling their promises.

The Sui Foundation’s decision to part ways with MovEx marks a significant moment in the journey of DeepBook. Despite the challenges posed by the contract violation allegations, the Foundation is determined to move forward and deliver a secure and innovative order book solution for the cryptocurrency community. With new partnerships on the horizon, the future of DeepBook remains promising.