Binance-Listed MOVE Token Rocked by $38M Pump-and-Dump Scandal

The Movement Foundation’s MOVE token faces severe backlash after allegations of a coordinated $38 million dump following its Binance listing. Internal documents reveal a controversial deal with Web3Port Labs that triggered the mass sell-off, prompting Binance to delist the token.

Movement Foundation’s MOVE Token Faces $38M Dump Scandal After Binance Listing

The Movement Foundation, backed by the Trump family’s World Liberty Financial, is embroiled in controversy following allegations of a coordinated pump-and-dump scheme involving its MOVE token. Internal documents reveal a deal with Web3Port Labs that led to the dumping of 66 million tokens—roughly 50% of the circulating supply—on the day of its Binance listing. The exchange subsequently banned the token.

CoinDesk’s investigation uncovered contracts detailing the loan arrangement between Movement Foundation and Web3Port. The sudden sell-off caused significant market disruption, raising questions about the project’s integrity. This incident highlights the ongoing challenges of market manipulation in cryptocurrency listings, particularly when large stakeholders control substantial portions of circulating supply.

CZ Advocates for DeFi and National Crypto Reserves at Token2049

Changpeng Zhao, known as CZ, took the stage at Token2049 in Dubai with a bold vision for decentralized finance and national cryptocurrency strategies. His consultancy work now focuses on guiding governments through the complexities of crypto infrastructure—from secure custody solutions to regulatory frameworks.

The former Binance CEO emphasized the impracticality of localized crypto systems for most nations. "Managing billions in digital assets demands specialized expertise and capital," he noted during a fireside chat with Raoul Pal. The discussion highlighted the gap between political aspirations and technical realities in sovereign crypto projects.

CZ positioned cryptocurrency as the inevitable backbone of AI-driven economies. His call for developing functional AI agents with real-world utility resonated through the conference halls, suggesting a future where digital assets power autonomous economic systems.