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SUI Multiple token liquidity pools in the Sui Ecosystem were emptied, and BlueMove was accused of being implanted into the back door.
On July 11 (Saturday), the liquidity pools of a large number of tokens in the Sui Ecosystem were emptied. These pools are tied to BlueMove, a decentralized exchange on the Sui chain. Chain observers now accuse the DEX of siphoning funds through preset backdoors.
Among the people who have actively spoken out against BlueMove and Sui, Quantum Void Labs founder Tyler Simpson (account @quantumvoidlabs) is particularly active. Simpson posted that BlueMove "removed all TVL from each pool" and lost more than 700,000 SUIs, adding that "the chart has been scrapped and the pool has been completely emptied."
Late on July 11, Simpson accused BlueMove of draining its "locked" liquidity pool. The Quantum Void Labs founder later wrote: "All tokens on BlueMove DEX-that is, any token issued on the MovePump Launchpad-all pools were drained and returned to zero."
How do other observers evaluate the BlueMove liquidity pool draining event?
Another online monitoring account on the X platform, Defimon Alerts, quoted an online message that mentioned that the drained pool of BlueMove was worth about $400,000. The message is like a text of negotiations with money thieves. The sender wrote: "You drained the BlueMove DEX pool (approximately $400,000). Keep 30% as a white hat reward and return 70% to our Sui address within 48 hours: 0x85bf 745a737a34bf 73f360c22d5c8ae1f 1767f3 c458f5269a7c2f821b 9d3781." The sender also stated that if the funds were returned, they would treat the matter as settled, otherwise they would resort to all available legal and recovery means.
The affected tokens are projects issued and bound through the MovePump curve-a curve-shaped launch platform used by some of the smaller, established meme projects on Sui. X user @saksidasaksi said BlueMove is removing the liquidity pool from its app, while the majority of liquidity for the Beeg Blue Whale project is stored in the MovePump contract, and its liquidity has dropped significantly. The user later added that BlueMove "has long since stopped developing" and is now stripping away the pool that the project considers locked in.
Does BlueMove know about the back door used to drain LP?
Simpson posted on X: "The BlueMove team planted the back door itself." He added: "They upgraded the contract on May 31 (by the upgrade authority holder)," attaching the transaction block address. According to Simpson, the version he labeled v12 added a function to return added liquidity, as well as a double coin mechanism, causing the LP token to be inflated and the contract to be immediately made immutable.
Defimon Alerts also pointed out that backdoor issues have been reported. However, observers cite figures ranging from $400,000 to $550,000, in addition to a separate estimate of 700,000 SUIs.
BlueMove has had precedents of hastily ending up when funds were insufficient. In August 2023, the project announced that it would stop operating on the Sei Network within 72 hours, citing lower-than-expected transaction volume and requiring users to remove its NFT first.
The BlueMove incident has also exacerbated ongoing dissatisfaction with Sui itself. Two days before the pool was drained, Simpson wrote that Mysten Labs and the Sui Foundation "pushed" most projects on the chain, retaining only a few such as WAL and DEEP. In a post on Saturday, he said he had "issued three warnings" to the network about BlueMove.
As of press time, BlueMove has not publicly responded to the above allegations.
