The Inside Movement Token Leak Scandal: Secret Agreements, Shadow Advisors, and Hidden Middlemen
Sam Kessler | Edited by Aoyon Ashraf, Nikkhilesh De Updated April 30, 2025, 11:17 AM Published April 30, 2025, 11:00 AM
The financial deal was intended to help launch the MOVE cryptocurrency token.
However, this led to a token dump scandal, a Binance ban, and behind-the-scenes infighting.
Contracts obtained by CoinDesk help explain where the error occurred.
Movement, the blockchain project behind the MOVE cryptocurrency, is investigating whether it was deceived into a financial agreement that gave a single entity excessive control over the market for its token, according to internal documents reviewed by CoinDesk.
The deal resulted in the sale of 66 million MOVE tokens to the market the day after the asset’s exchange debut on December 9, triggering a sharp price drop and allegations of insider trading in the crypto project, which is backed by World Liberty Financial, a crypto venture linked to Donald Trump.
Cooper Scanlon, co-founder of Movement Labs, told the team in a Slack message on April 21 that the company was investigating how more than 5% of MOVE tokens destined for Web3Port, a market maker, were routed through an intermediary named Rentech — “an entity that the fund assumed was a subsidiary of Web3Port, but turned out not to be.” Rentech denied any misrepresentation.
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