Binance Faces Fallout from MOVE Token Scandal Involving Trump-Backed Project

The blockchain project Movement, associated with the MOVE cryptocurrency, is under scrutiny following a token-dumping scandal after its December 9 exchange listing. Internal documents have exposed a financial agreement that allegedly granted disproportionate market control to a single entity, leading to the sudden sale of 66 million MOVE tokens. This sell-off caused a sharp price decline and raised suspicions of insider trading within a project previously endorsed by figures linked to Donald Trump. The incident has sparked debates about market manipulation and regulatory oversight in the cryptocurrency space, particularly concerning projects with high-profile backers.

Movement’s MOVE Token Scandal: Secret Deals and Market Manipulation

Movement, the blockchain project behind the MOVE cryptocurrency, is embroiled in a token-dumping scandal following its December 9 exchange debut. Internal documents reveal a financial agreement that granted excessive market control to a single entity, resulting in the abrupt sale of 66 million MOVE tokens. The sell-off triggered a price crash and allegations of insider dealing within a project endorsed by Donald Trump-backed World Liberty Financial.

Contracts obtained by CoinDesk expose shadow advisors and hidden middlemen behind the deal, which led to Binance banning the token. The project is now investigating potential deception in the agreement’s execution. Market participants are scrutinizing the role of undisclosed contracts in undermining the token’s launch.

Changpeng Zhao Advises Nations on Crypto Reserves Amid U.S. Bitcoin Move

Former Binance CEO Changpeng Zhao is actively consulting governments on establishing cryptocurrency strategic reserves, following the U.S. government’s initiative to create a Bitcoin reserve. Zhao singled out Bhutan for its progressive stance on crypto adoption while critiquing European nations—excluding Montenegro—for their sluggish blockchain integration.

Despite serving a four-month prison term as part of a $4.3 billion settlement with U.S. authorities, Zhao continues to provide pro bono blockchain guidance to governments. His advisory role persists even as regulatory restrictions bar him from managing Binance.