Scandal in This Altcoin: Tokens Distributed Through Secret Agreements – Price Reacts

By: bitcoin ethereum news|2025/05/16 09:45:05

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. Source: https://en.bitcoinsistemi.com/scandal-in-this-altcoin-tokens-distributed-through-secret-agreements-price-reacts/

A Polymarket user supported nearly half of Trade.xyz's "active addresses" with 34,000 wallets, yet contributed less than 1% of the trading volume. The real support for the market comes from market-making institutions like Jump, Selini, and Wintermute, as well as a group of directional traders crossi...

Binance quietly placed a bet on a leading large model company

In the past year, YZi Labs has significantly accelerated its investments in the AI field, from educational agents to physical robots, and then to large models, with crypto capital and AI technology rapidly integrating.

Best Crypto Discord Server 2026: Why Jacob’s Crypto Clan Is Gaining Massive Attention

Jacob’s Crypto Clan has grown into one of the most active crypto Discord communities, with over 45K members and continuing to expand. This rapid growth reflects strong demand for structured trading insights and real-time collaboration.

Tom Lee Buying ETH: Why Wall Street’s Loudest Ethereum Bull Keeps Doubling Down

Tom Lee keeps buying ETH through every dip, every drawdown, and every moment of market doubt. Inside the strategy that's turning Ethereum into a treasury asset — and what it signals for the rest of the market.

Stripe Sessions 2026: AI Agent, Global Payments, and Invisible Crypto Infrastructure

Stablecoins have finally begun to enter the real business world, but this time, the main character may not be exchanges, wallets, or public chains, but Stripe. It encapsulates KYC, wallets, gas, compliance, and settlement, allowing businesses to access on-chain assets just like using regular payment...

Where will South Korea's cryptocurrency taxation head?

There is little time left before South Korea implements cryptocurrency taxation, but the current tax laws only cover simple spot and currency-to-currency transactions. Driven by the international tax information exchange standard (CARF), South Korea is comprehensively building an intelligence analys...

Legendary investor Naval: Apple is dead, SaaS will follow suit, and entrepreneurs have 18 months to reshape their moats

"You can continue to hold Apple stock. Just don't expect that what you hold is stock in a growth company."

Morning Report | Visa includes Polygon in its global stablecoin settlement program; MoonPay invests $100 million to acquire security company Sodot; Digital wallet platform Belo completes $14 million Series A financing

Overview of Important Market Events on April 29

Full text of the Federal Reserve's decision: Holding steady for the third consecutive time but increasing divisions

The Federal Reserve has kept interest rates unchanged for the third consecutive time, but there were internal voting disagreements, with one official advocating for a rate cut while three others opposed signaling easing. The situation in the Middle East and fluctuations in energy prices further ampl...