Selling off 66 million $MOVE - @movementlabsxyz & classic case study failure in crypto From a promising Layer 2, Movement Labs becomes the most controversial name in early 2025 after a shocking sell-off that forced Binance to intervene. The incident twitter.com/FOMO_insights/stat...

I. From Silicon Valley Dreams to Crypto Spotlight Two 22-year-old Vanderbilt University students - Rushi Manche and Cooper Scanlon - dropped out of school to pursue their dream of building a layer-2 using the Move language (developed by Facebook for the Diem project). Movement Labs Project

II. The Shady Contract and the Power Play Begin On November 25, 2024, a Singaporean company called Rentech (founded by Galen Law-Kun) signed a market-making contract with an intermediary entity called Web3Port, claiming to represent Movement. In the internal group, Galen

III. The Pen Falls and the Chicken Dies - Contract Signed Just Before G-Hour On December 8, 2024, just 48 hours before TGE, Movement Foundation signs a market-making contract with Web3Port. Some risky terms are removed, but the core remains the same: - Web3Port gets a 5% loan

IV. Binance steps in after 66 million Token dump On December 9, 2024, $MOVE officially listed on exchanges — including Binance, Bybit, and other major exchanges. But just 24 hours later, Web3Port dumped 66 million MOVE, worth more than $38 million. The Token price plummeted from ATH to $0.219.

V. Consequences & Hidden Characters Gradually Revealed - $MOVE lost more than 80% of its value from ATH. - FDV fell from 5 billion USD to 2.2 billion USD. - on-chain activity is almost frozen - DEX Volume: only 1.44 million USD/day - Gas Price is only 9 USD Movement tries to launch the program