#MOVE #Bankruptcy #Web3 #TokenScandal ☠️
Movement Labs files for Chapter 11 - the token dump scandal ends in court
📉 The collapse traces to December 2024: a secret deal with market maker Web3Port allowed dumping 66M MOVE tokens the day after listing - $38M sold, price crashed.
Binance blocked the market maker, co-founder Rushi Manche was fired, the company rebranded to Move Industries and pivoted to cross-border payments. It didn't help.
Movement tried to outrun structural damage with a rebrand and a pivot. Token dump mechanics as the core liability - hard to recover from that 😬
➡️Crouton.digital | About us⬅️
Movement Labs files for Chapter 11 - the token dump scandal ends in court
Assets: $100k-$500k, liabilities over $1M. Less than 18 months after the Binance listing, the company behind Movement is bankrupt.
📉 The collapse traces to December 2024: a secret deal with market maker Web3Port allowed dumping 66M MOVE tokens the day after listing - $38M sold, price crashed.
Binance blocked the market maker, co-founder Rushi Manche was fired, the company rebranded to Move Industries and pivoted to cross-border payments. It didn't help.
Movement tried to outrun structural damage with a rebrand and a pivot. Token dump mechanics as the core liability - hard to recover from that 😬
➡️Crouton.digital | About us⬅️