Movement Labs, backed by World Liberty Financial, finds itself at the center of a scandal regarding undisclosed token promises made to early insiders.
Hidden Token Promises
According to newly obtained documents, Movement Labs quietly promised early insiders access to 10% of its token supply, a fact that went undisclosed to investors. This revelation has raised new questions about the project's leadership.
Internal Dissent
The situation is exacerbated by internal dissent among Movement Labs' co-founders. A public rift has emerged between Rushi Manche and Cooper Scanlon, with Manche claiming that his role was primarily technical, while significant business decisions were made by Scanlon.
Future Implications
The scandal has severely impacted Movement Labs' reputation and the price of the MOVE token, which has fallen by 50%. Coinbase has announced plans to suspend trading of the token on May 15, 2025.
The fallout from the Movement Labs scandal highlights the necessity for transparency within the cryptocurrency space and calls for stricter regulatory oversight.
