On March 24, the crypto community was buzzing with information that Movement Labs transferred over 24 million MOVE tokens (equivalent to over 11 million USD) to Coinbase within just two days. This move raised suspicions that the project is secretly "dumping" despite previous declarations about "buying back" to stabilize the market.
According to data from OnchainLens, wallet addresses belonging to the Movement Labs team sent 17.15 million MOVE to Coinbase yesterday, after previously sending an additional 7.3 million MOVE - bringing the total number transferred to the exchange in the past two days to 24.15 million MOVE tokens, valued at approximately 11.03 million USD.
Notably, at the time when Binance ceased being a market maker for MOVE, the project had committed to buying back tokens worth 38 million USD, aiming to "protect the community and stabilize the price". However, immediately after, millions of MOVE tokens were transferred to the exchange, leading many to suspect that the buyback promise was just a pretext to create FOMO and then take the opportunity to "dump".
Some opinions on social media suggest this is a familiar scenario: the project and market maker collaborating to create waves, promising "profits", then pushing tokens to the exchange to sell off. Comments like "Fake project, real dump - cut as quickly as possible" are increasingly appearing in the community.
Movement Co-founder Speaks Out: "Not Selling, Just Transacting with an Organization"
In response to the wave of criticism, Rushi Manche, co-founder of Movement Labs, spoke out on the X (Twitter) platform:
"This is a transaction with a financial organization to serve an upcoming product (such as ETP/ETF) and corresponding loans. Tokens are not being sold or transferred."
However, this explanation did not completely alleviate doubts. The community asked: "If it's truly a collaboration with a financial institution, why not be transparent from the beginning? Why transfer tokens to a centralized exchange like Coinbase?"
Many users are calling for Binance to intervene, even demanding delisting MOVE to prevent damage to small investors. They believe that if MOVE continues to be traded, Binance might inadvertently "enable" non-transparent dumping behavior.
Movement Labs is at the center of suspicions about transparency and responsibility to the community. While the project claims to be collaborating with a financial organization for an ETP/ETF product, the history of rapidly transferring tokens to the exchange makes many doubt the true purpose.
The incident raises big questions about the role of exchanges in protecting users, and whether "buyback" promises are being exploited as a market manipulation tool. The community is waiting for clearer responses - both from Movement Labs itself and from major exchanges like Binance.
