Movement Labs Allocated Millions in Tokens to Advisers, Internal Documents Reveal
Movement Labs, a crypto startup linked to Donald Trump’s World Liberty Financial, is facing scrutiny over undisclosed agreements with early insiders. Key points include:
- Large stakes of MOVE tokens were promised to advisers without disclosure to investors.
- Business memos indicate significant compensation for advisors; one was promised nearly $2 million annually.
- The company's internal turmoil intensified following allegations of insider token dumping facilitated by market-making deals.
- Co-founders Rushi Manche and Cooper Scanlon are at odds, with Manche recently terminated from his role.
- Sam Thapaliya and Vinit Parekh received substantial allocations of MOVE tokens through informal agreements that remained hidden from official records.
- Thapaliya’s role included marketing and market-making strategies, leading to claims he acted as a “shadow co-founder.”
- Movement’s reputation has suffered, exemplified by Coinbase's announcement to suspend trading of the MOVE token, which subsequently dropped 50% in value.
- The company plans to establish Movement Industries to focus on development, while Scanlon reduces his leadership role.
