Movement (MOVE) Labs Allocates 10% of MOVE Supply to Two Internal Advisors Privately, Sparking Transparency Controversy
Summary
- Movement Labs has been reported to have privately allocated up to 10% of the MOVE token supply to internal advisors, sparking controversy.
- The allocation was provided through unofficial contracts not disclosed to external investors, with a current value exceeding $50 million.
- Such controversy could negatively impact the project's transparency and credibility.
Movement (MOVE) Labs, the developer of Movement, has been revealed to have privately allocated up to 10% of the MOVE token supply to some internal advisors, causing a stir.
According to cryptocurrency media outlet CoinDesk on the 15th (local time), Movement Labs decided to provide 7.5% and 2.5% of MOVE tokens to Sam Thapaliya of Zebec Protocol and Vinit Parekh, formerly of Microsoft, respectively, through unofficial contracts under the guise of partnerships.
This contract was not disclosed to external investors, and the current value of the allocated amount exceeds $50 million.
Sam Thapaliya has stated that "the contract is still valid and has not been nullified," hinting at potential legal action.
This controversy, coupled with recent issues related to the Chinese market maker Web3 Port and internal disputes among Movement Labs' management, is damaging the project's transparency and credibility.
Meanwhile, Coinbase officially announced the delisting of MOVE tokens on May 15.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
