Explosive Docs Unveil $38M MOVE Token Dump Scandal!

Holy crypto chaos! Freshly leaked docs are spilling the beans on a shady deal between the Movement Foundation and Web3Port, resulting in a whopping $38 million MOVE token dump that's rocking the crypto world!

The Movement Foundation (MOVE), with the Trump family's World Liberty Financial backing them, is knee-deep in controversy over a wild pump-and-dump scheme. On April 30, the news hit the fan about a deal that led to a 66 million token dump on the very day MOVE listed on Binance. Talk about timing!

Brace yourselves, folks! The Movement Foundation signed a deal loaning around 50% of its circulating ecosystem supply to Web3Port. Then, the day after MOVE hit the exchanges, accounts linked to Web3Port dumped a massive 66 million tokens, causing Binance to slam the ban hammer on it. CoinDesk got the juicy contracts and more!

According to CoinDesk's bombshell report, internal docs from the Movement Foundation were waving red flags left and right about their market-making deals. Co-founder Cooper Scanlon spilled that over 5% of MOVE tokens, handed to the China-based market maker Web3Port, were funneled through a mysterious entity called Rentech. What the heck?

Shady contracts led to a $38 million MOVE token dump

Scanlon dropped the truth bomb: the Foundation thought Rentech was a Web3Port subsidiary, but nope! This setup let one entity control a crazy amount of tokens. Even worse, the contract had clauses that basically screamed "pump-and-dump time!"

Get this: the contracts let Rentech dump all its MOVE tokens if the fully diluted value hit over $5 billion. If that happened, Rentech could unload everything and pocket 50% of the profits, with the other half going to the Movement Foundation. Talk about a sweet deal for Rentech!

And guess what? That's exactly what went down on December 9, the same day the token launched on Binance. Web3Port wasted no time and liquidated its 66 million tokens, worth about $38 million at the time. The token nosedived, and it kept falling after the launch. Right now, those 66 million MOVE tokens are only worth $15.7 million. Ouch!

Hold onto your hats, because both the Movement Foundation and Web3Port have ties to Trump's World Liberty Financial. On January 28, WLFI scooped up 3.42 million MOVE tokens for $1.5 million at $0.439 each, but they've lost over half their value since then. Plus, Web3Port threw $10 million at WLFI in January. The plot thickens!