World Liberty Financial, a company linked to former President Donald Trump, is set to airdrop its $USD1 stablecoin to holders of its $550 million non-tradable token, marking the first profit move for the token. Movement Labs, a crypto startup backed by World Liberty Financial, has come under scrutiny after documents revealed that early insiders were promised access to up to 10% of its token supply without disclosure to investors. Business memos obtained by CoinDesk show that Movement Labs advisors Sam Thapaliya and Vinit Parekh received 5% and 2.5% of tokens respectively. Additionally, co-founders Rushi Manche and Cooper Scanlon have publicly split. These revelations raise concerns about transparency and governance within the crypto projects associated with World Liberty Financial.
[COINDESK] Movement Labs Secretly Promised Advisers Millions in Tokens, Leaked Documents Show $MOVE
Two business memos obtained by CoinDesk show that Movement Labs advisors Sam Thapaliya and Vinit Parekh received 5% and 2.5% of tokens respectively. Co-founders Rushi Manche and Cooper Scanlon have publicly split. https://t.co/g1HoEad7In
NEW: @movementlabsxyz — the crypto startup backed by Trump’s @worldlibertyfi — quietly promised early insiders access to up to 10% of its tokens, according to new documents obtained by CoinDesk. None of it was disclosed to investors. @skesslr reports https://t.co/g1Ayhrtm74