This is how a single chat leak destroyed $MOVE
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@Movement Labs raised $38 million in funding and the hype was unreal for launch.
• Solid airdrop
• Big Funding
• Talks of an additional $100M raise
• Listings on Binance and Coinbase
• World Liberty Financial Buying
So what went wrong that now people are calling $MOVE a rug pull or scam and Coinbase is delisting it ?
Here’s the true story :
It all started with the MOVE launch.
If you’re unfamiliar : most projects hire a market maker (MM) to provide liquidity and help maintain price stability at launch.
Movement Labs did the same > they brought in Web3Port as their official market maker.
The plan was to loan them MOVE kens to facilitate liquidity.
But here's the twist:
The tokens never went to Web3Port officially. Instead they were transferred to Rentech : a little-known entity that turned out to be a proxy for Web3Port
It’s either that Web3Port tricked them or an insider executed the transaction with full knowledge.
Now 66 million $MOVE ens are in Rentech’s hands. Then the most shocking part was revealed :
In one of the screenshots it was shown that once the MOVE reached a $5 Billion valuation then they would sell the tokens to take a profit share.
That’s why they deliberately manipulated the price to push it above $5 Billion in valuation and then sold off $38 million worth of tokens.
After this incident > Binance banned Web3Port.
Movement Labs team came forwardpromising a buyback of tokens to stabilize the price.
But to date that hasn’t happened : No BuyBack.
Additionally > they delayed the airdrop : which is why the community is also angry with them.
After seeing all of this drama : Coinbase decided to delist the token.
That's why we've seen sudden -30% dump in MOVE Overall down by -86% from ATH
If you're still reading then
Do
♥️
appreciate the effort.
Source : @CoinDesk
Note : I've nothing against anyone - I've just simplified what was circulating online.
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