Movement Labs, a cryptocurrency startup, has drawn negative attention due to leaked documents revealing undisclosed agreements for distributing MOVE tokens among early advisors.
Secret Agreements with Advisors
Leaked internal documents showed that Movement Labs allocated a significant portion of MOVE tokens to a small number of advisors. While the company claims these agreements are not binding, the revelations raise questions about its internal structure.
Consequences for Co-Founders
Some key figures at Movement Labs have already left the company: co-founder Rushi Manche was fired, while another co-founder Cooper Scanlon stepped down as CEO but remains with the company. Manche noted, 'When we founded the company, I was CTO and led the engineering team.'
Opinions and Denials
Among those mentioned in the leaked documents were Sam Thapaliya and Vinit Parekh. Thapaliya stated he would pursue legal claims for his rights to 2.5% tokens, despite Movement Labs' assertions that the agreements were invalid.
The situation surrounding Movement Labs highlights the need for transparency in the cryptocurrency sector and could have serious implications for investor trust.
