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Sui Foundation confirms theft of sealed tokens

The Sui Foundation illegal transactions of locked tokens in a tweet confirmed.

By Luc Vesters
• 2 min read
Sui Foundation confirms theft of sealed tokens

The Sui Foundation illegal transactions of locked tokens in a View post on X confirmed. It states that the third-party MovEx is responsible for the transactions the community complained about last month. At the time, the Sui Foundation was accused of secretly selling tokens that were actually under contract.

However, the transactions were not conducted with the "consent" nor "with the knowledge" of the Sui Foundation, according to official sources. Because of the "breach of contract," the team "terminated" further cooperation with MovEx. However, the team has transferred the tokens to a corresponding custodial service provider, which must adhere to the original issuance plan. The Sui Foundation published this only after the community accusations.

Sui tokenomics are considered controversial in the crypto sector. In addition to a lack of transparency, the new Layer 1 project has also been accused of favoring early venture capitalists through distribution - at the expense of retail investors. Since the launch of the mainnet, SUI tokens have dropped 70 percent, according to data from Coingecko.

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