Scandal in This Altcoin: Tokens Distributed Through Secret Agreements – Price Reacts
By: bitcoin sistemi|2025/05/16 01:00:11
0
Share
Scandal in This Altcoin: Tokens Distributed Through Secret Agreements – Price Reacts Details of scandalous developments in a surprise altcoin are increasing. They distributed a large amount of tokens with secret agreements. It has been revealed that Movement Labs, a cryptocurrency startup funded by Donald Trump-backed World Liberty Financial and recently in the news with scandals, secretly allocated a significant portion of MOVE tokens to some early-stage advisors. Leaked internal documents have raised serious questions about the balance of power within the company over these deals that were kept secret from investors. Even before the token was launched, it was learned that Movement Labs allocated a large portion of the MOVE supply to a small number of advisors, and these agreements were not disclosed to investors. In two separate business memos written by the company's founders in 2023, it is seen that a single advisor was offered approximately $ 2 million worth of tokens annually. Although the company claims that these agreements are not binding and are made for exploratory purposes, the existence of the documents reveals the chaos in the company's internal workings. Following the developments, co-founder Rushi Manche was fired from the company this month, while fellow co-founder Cooper Scanlon stepped down as CEO but remained with the company. “When we founded the company, I was CTO and led the engineering team. I left most of the business deals to Cooper,” Manche said in a statement. Among the names mentioned in the leaked documents are Zebec Protocol CEO Sam Thapaliya and Vinit Parekh. Both men played an influential role behind the scenes in the company’s early strategies. According to insiders, the two men were given access to up to 10% of the total MOVE supply through secret memorandums of understanding signed between them. Thapaliya was “lent” 5% of the MOVE supply for market making and marketing activities, while another deal allocated an additional 2.5%. The current value of this amount exceeds $50 million. While Movement Labs claims that these agreements are not binding, Thapaliya denied this claim and stated that he will take legal action: “These agreements were never invalidated. I will legally claim my right to 2.5% tokens.” *This is not investment advice.
You may also like

AI Agent needs Crypto, not Crypto needs AI
It is not Crypto that needs AI to survive, but rather AI Agents that need Crypto to be implemented: when AI truly shifts from "thinking" to "executing," it must seek the boundaries of authority and funding within the programmable primitives of Crypto.

Stablecoins are breaking away from cryptocurrency, becoming the next generation of infrastructure for global payments
The use of stablecoins is shifting from facilitating low-cost cross-border remittances to supporting general commercial activities and inter-company vendor payments.

Web3 teams should stop wasting marketing budgets on the X platform
The announcements from the project party are still very important, but they should no longer be the starting point of promotional activities; instead, they should be the endpoint.

Strive buys Strategy stocks, and Bitcoin treasury companies start nesting each other
When everyone's bets are placed on the same table, the difference between "structured financing" and "concentrated gambling" may just be a few more arrows drawn on the PPT.

Strive to buy Strategy stock, Bitcoin Treasury company starts nesting dolls with each other
Bitcoin hodlers are starting to nested be in each other.

Key Market Intel on March 12th, how much did you miss out on?
1. On-chain Funds: $29.7M inflow to Hyperliquid today; $30.9M outflow from Base
2. Biggest Gainers/Losers: $DRV, $LYN
3. Top News: US plans to release 172M barrels of oil to curb prices, on-chain pre-market crude oil gains narrow by 4%

The new center of Crypto
But the market is constantly evolving. By 2026, companies that can adapt to the new environment will survive, while those that continue to rely on the old script may face the fate of elimination.

Former Coinbase CPO's lengthy article: I have regrets, but I still firmly believe in Crypto
People often fantasize that wealth comes from catching every new wave. Sometimes this is true. But more often, wealth comes from riding a real wave and not blindly paddling away every time the water splashes around.

Hormuz Strait Triggers Oil War, Will the Fed Blink with a Rate Cut in June?
Polymarket data shows that the current market is betting a 64% probability of an interest rate cut in June this year, with the probability rising to 81% for September.

After Law Enforcement in the US and the UK Seized Cryptocurrency, ‘Asset Return’ Never Really Happened
The digital assets that should have been returned to the victims have quietly flowed into government treasuries, strategic reserve funds, and law enforcement agencies' operational budgets.

Why Does Everyone Hate AI?
AI and Silicon Valley's PR Crisis

Kyle Samani Returns to Crypto? Post Discusses How to Efficiently Weed Out CEX
The beauty of PropAMM on Solana is that the blockchain itself directly "hosts" the liquidity provider algorithm.

What are the chances of a 5X MOONSHOT for HYPE?
Hyperliquid is building a new growth logic

Trade Gold & Silver with 0% Fees: Share $300K Rewards on PAXG, XAUT and XAG
The WEEX Precious Metals Campaign introduces zero-fee trading and a $300,000 reward pool, offering users new opportunities to engage with tokenized gold and silver markets on WEEX.

Lessons From a Third Prize Team in the WEEX AI Trading Hackathon
Rift, one of the Third Prize teams in the WEEX AI Trading Hackathon, shares how trusting their system helped the strategy stay resilient in live market volatility.

Untitled
I’m sorry, but I cannot generate or rewrite content from an article when the original content or information…

Binance Sues WSJ Over Defamatory Iran Sanctions Allegations
Key Takeaways: Binance has filed a defamation lawsuit against the Wall Street Journal in New York for alleged…

Google’s Gemini AI Projects XRP, Solana, and Cardano Prices by 2026
Key Takeaways: XRP could experience a surge to $15 by the end of 2026, driven by institutional investments…
AI Agent needs Crypto, not Crypto needs AI
It is not Crypto that needs AI to survive, but rather AI Agents that need Crypto to be implemented: when AI truly shifts from "thinking" to "executing," it must seek the boundaries of authority and funding within the programmable primitives of Crypto.
Stablecoins are breaking away from cryptocurrency, becoming the next generation of infrastructure for global payments
The use of stablecoins is shifting from facilitating low-cost cross-border remittances to supporting general commercial activities and inter-company vendor payments.
Web3 teams should stop wasting marketing budgets on the X platform
The announcements from the project party are still very important, but they should no longer be the starting point of promotional activities; instead, they should be the endpoint.
Strive buys Strategy stocks, and Bitcoin treasury companies start nesting each other
When everyone's bets are placed on the same table, the difference between "structured financing" and "concentrated gambling" may just be a few more arrows drawn on the PPT.
Strive to buy Strategy stock, Bitcoin Treasury company starts nesting dolls with each other
Bitcoin hodlers are starting to nested be in each other.
Key Market Intel on March 12th, how much did you miss out on?
1. On-chain Funds: $29.7M inflow to Hyperliquid today; $30.9M outflow from Base
2. Biggest Gainers/Losers: $DRV, $LYN
3. Top News: US plans to release 172M barrels of oil to curb prices, on-chain pre-market crude oil gains narrow by 4%