🧾Project #movement found itself at the center of a major scandal following a CoinDesk investigation related to market manipulation and a massive sell-off of MOVE tokens. Reporter Colin Wu noted: The investigation revealed that 66 million $MOVE were transferred to an unknown entity Rentech, which formally acted as a representative of the Movement Foundation but was actually controlled by #Web3Port .
📊This organization played a dual role and was involved in a deal that caused a sharp drop in the token's price. As a result, MOVE plummeted in value the day after a major listing, with a total of $38 million worth of cryptocurrencies sold. The transfer of control over the assets occurred without coordination with the project team and sparked internal disputes.@Cryptoland_8
🔍Despite direct objections from some participants, the leadership of Movement Labs insisted on signing the agreement. This exposed serious issues in governance, lack of due diligence, and potential conflicts of interest. Subsequently, Binance imposed restrictions on the token, and Coinbase announced a suspension of MOVE trading from May 15. The platform has already restricted user actions.$BTC
☝🏻Against the backdrop of the crisis, the team #MovementLabs issued an official statement. Representatives confirmed the temporary suspension of co-founder Rushi Manche, explaining that it was necessary to conduct an independent investigation. Currently, an external company Groom Lake is conducting an audit, checking the governance mechanism of the project and possible violations by market makers.
📌Project representatives also reported that digital assets in the fund's treasury are safe. Currently, 8.15 billion #Move are held in reserves, and no employee, including those suspected, has access to these tokens. According to Wu, the situation with Movement triggered a sharp market reaction. Investors were mass selling the token, and overall trust in the project was under threat. Key complaints concerned the lack of transparency, weak internal control mechanisms, and questionable decisions by management. Given the scale of the scandal, the consequences may affect not only the reputation of Movement but also the prospects of the entire ecosystem.$BNB
