Movement Coin Faces Allegations of Illegal Activities and 'Founder Disappearance' Rumors

Movement, Trust Plummets Amidst Continuous Adversities

Soared on Trump Family Rumors Early This Year

No Official Relationship Disclosed So Far

MOVE Token Plummets 62% in a Month

The blockchain project 'Movement', which once positioned itself as one of the major global virtual assets (cryptocurrencies) fueled by rumors of its association with the Trump family, is staggering under continuous adversities.

The market maker responsible for the market formation of Movement Token (MOVE) was expelled from the global exchange Binance due to illegal activities, and recently, Rushi Manche, the co-founder of Movement, has been caught up in disappearance rumors, inevitably impacting the project's credibility.

The incident began on the 25th of last month (local time) when Binance expelled Movement's market maker. Binance announced on its official blog that "immediately after the listing of Movement Token 'MOVE', a specific market maker sold approximately 66 million MOVE in bulk, securing an unfair profit of a total of 38 million dollars," and stated that the market maker was expelled and the profits frozen. This market maker was also found to be associated with other companies previously sanctioned for illegal activities.

Movement immediately took action to resolve the situation. They announced a buyback plan (purchase of their own tokens) worth a total of 38 million dollars and appointed an external auditor on the 15th to initiate an independent investigation. Movement stated, "We are conducting an external audit as a measure to ensure transparency and accountability for unusual transactions," and urged, "Please refrain from premature speculation until the investigation results are out."

However, shortly after the investigation began, co-founder Manche disappeared from official events and internal channels, increasing market suspicion. According to the cryptocurrency specialist media Blockworks, Manche recently did not attend the Movement Onsite meeting held in San Francisco, USA, and his internal messenger account was deactivated. Subsequently, Manche explained that "he is still affiliated with Movement and the account is active," but the controversy did not subside as it was revealed that Cooper Scanlon, another co-founder of Movement, officially announced Manche's temporary leave during the Onsite meeting.

MOVE was noted as a beneficiary coin of the Trump administration's 'America First' policy when it was revealed earlier this year that the Trump family-backed decentralized finance (DeFi) project 'World Liberty Financial (WLFI)' purchased MOVE tokens worth 2 million dollars.

Subsequently, foreign media reported that MOVE could provide technical advice to the Trump administration's Department of Government Efficiency (D.O.G.E), causing the token price to surge, even surpassing the 1-dollar mark. However, as of April, no official partnership or advisory contract related to MOVE has been announced by WLFI or D.O.G.E, increasing investors' doubts. Movement was also not on the invitation list for the Crypto Summit held at the White House, where major industry stakeholders were invited last month.

Meanwhile, as uncertainty expanded, MOVE's price could not avoid a sharp decline. On the 25th of last month, MOVE recorded 0.6529 dollars in the Binance Tether (USDT) market, but as of the 18th, it has fallen to the low 0.2-dollar range, recording a drop of about 62%. Compared to the highest price (1.41 dollars), it has plummeted by about 83%.

Meanwhile, Bloomingbit requested an official statement from Movement Labs regarding this issue but could not reach them.