Movement Founder: "Large Token Exchange Transfers for Institutional Product Preparation, Not Sales"

Uk Jin

Summary

Lucy Manche, founder of Movement, explained that the large token deposits to exchanges were not for sales purposes but for institutional product preparation.
According to on-chain data analysis, Movement deposited 17.15 million Movement tokens to Coinbase, which angered investors.
Despite the founder's explanation, Movement's token price fell by 6.74%, leading to a loss of investor trust.

Lucy Manche, founder of Movement (MOVE), explained the reason for the large token deposits to exchanges.

On the 30th (local time), Lucy clarified on X (formerly Twitter) that "the recent large transfers of Movement tokens to exchanges were not for selling purposes but for preparing institutional products."

Previously, on-chain data analysis platform Onchain Lens reported that Movement deposited 17.15 million Movement tokens (approximately $7.74 million at the time) to Coinbase, which angered investors. A crypto influencer criticized, "Movement promised to buy back tokens related to the market maker controversy but failed to keep the promise and deposited a large number of tokens to exchanges for sale."

Despite the founder's explanation, investor sentiment towards Movement has cooled significantly. As of 11:43 AM on the 31st (KST), Movement is trading at $0.4206, down 6.74% from the previous day according to CoinMarketCap.

MOVE