๐จ Scandal Uncovered at Movement Labs! ๐จ
Itโs come to light that Movement Labs, a crypto startup backed by World Liberty Financial (which has ties to Donald Trump ๐๏ธ), secretly handed out a huge chunk of $MOVE tokens to a select group of early advisors โ all behind closed doors. ๐ค๐ธ
๐ Leaked documents reveal deep concerns over the companyโs power dynamics and shady backroom deals that investors were kept in the dark about. ๐ณ
Before the MOVE token even hit the market, insiders discovered that a large portion of the supply had already been allocated to a small circle of advisors โ and none of these deals were disclosed publicly. ๐ต๏ธโโ๏ธ
Two memos written by the founders back in 2023 showed that one advisor was promised around $2 million worth of tokens per year. ๐ฒ๐ฐ Although the company claims these were just โnon-bindingโ agreements made for โexploratory purposes,โ the documents paint a picture of internal disarray and mistrust. ๐ฅ๐
As a result:
๐งโ๐ผ Co-founder Rushi Manche was fired this month
๐งโ๐ป Co-founder Cooper Scanlon stepped down as CEO but stayed on board
In a statement, Manche said:
โWhen we started the company, I was CTO and focused on engineering. I left most business deals to Cooper.โ
Among the key names revealed in the leaks:
Sam Thapaliya, CEO of Zebec Protocol
Vinit Parekh
These two reportedly played a crucial role early on and were allegedly given access to up to 10% of the entire MOVE supply through secret MOUs. ๐ฑ๐
Specifically, Thapaliya was:
โLoanedโ 5% of MOVE tokens for market making and marketing ๐
Given another 2.5% in a separate deal ๐ผ
๐ฅ The combined value of these tokens is now over $50 million!
While Movement Labs insists the deals arenโt legally binding, Thapaliya disagrees โ and heโs ready to fight back:
โThese agreements were never invalidated. I will legally claim my right to the 2.5% tokens.โ โ๏ธ๐ #cryptocurrencies #BinanceSquareFamily #altcoins #Altcoin #Binance