To put it simply, this is a big show in the cryptocurrency world. Last month, a project called $MOVE emerged, claiming to have raised 38 million dollars. Before launching the token, they created a frenzy, saying that major institutions were backing it, that it would be listed on Binance and Coinbase, and that there would be airdrop benefits, leaving the novice investors bewildered.
However, as soon as it went live, it crashed. They hired a market maker called Web3Port to stabilize the price, but it turned out they hadn’t transferred the tokens to them at all; instead, they were transferred to a shell company called Rentech—later revealed to be a front for Web3Port. The most shocking part was the internal screenshots that surfaced, saying that when the token price hit a market cap of 5 billion, they would cash out and split the profits. Isn’t this just a blatant scheme to pump and dump?
Now, 66 million tokens are all in the hands of these people, and the team’s promised buyback has yet to materialize, with airdrops also delayed. Once the novice investors realized they had been scammed, they started to sell off in a panic, causing the token price to drop 30% in three days, having already halved from its peak. Seeing this chaos, Binance and Coinbase directly delisted it and walked away. The entire affair was a carefully orchestrated scam, and now only the retail investors are left lamenting.
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