Even Good Airdrop Projects Can Be a SCAM..

Boys welcome back to Alpha Drop my name is Ron. My name is Martin. And today we're gonna be looking at the Movement Lab story because this has come as a surprise. Movement, the Movement Testnet was actually the best airdrop that we have farmed last year especially for our community members. Most of them got their first big airdrop from Movement Testnet. Some of you guys even got up to six figures because you farmed it with multiple wallets. A lot of testimonials of a thousand dollars, three thousand dollars, four thousand dollars. This was our first big win for everyone in the community. Yes but now it has been revealed that there is a huge scandal going on with Movement. Okay so we'll unravel what has been going on maybe what lessons to learn from here because this is more than just a news scandal. Okay a scandal news. Inside Movement's token dump scandal, secret contracts, shadow advisors, and hidden middlemen. Yes and this was covered by Coindesk and anything Coindesk covers is pretty serious. Remember the first piece of evidence that tied to Alameda Research and Sam Mengenman Freed that kick-started a whole domino effect that led to the collapse of FTX. So very very big thing going on here. So what happened here right? So Movement apparently backed by Trump's World Liberty Financial says it was duped into an agreement that experts say incentivized price manipulation. So two of the co-founders of Movement Labs, Cooper Scanlon and Rushi Manche, what to know. So Movement Labs is investigating whether it was misled into signing a market making agreement that granted an obscure middleman control over 66 million move tokens triggering a 38 million dollar sell-off after the token's debut. So remember last month in one of our live streams I showed you guys an announcement right from Binance where they stopped spot trading for Movement token because there was misconduct going on between the market makers. Now we know who exactly who. So internal contracts show Rentech, a firm with no digital footprint appearing on both sides of the deal. Once as a Web3 port subsidiary and once as an agent of Movement Foundation raising questions about self-dealing. Foundation officials initially flagged the Rentech deal as possibly the worst agreement they had ever seen. But you have heard of me. Captain Jack Sparrow. Experts warn it created incentives to pump Moves price before dumping tokens onto retail investors. The incident has exposed a rift within the movement's top leadership executives, legal counsel, and advisors are all under scrutiny for their roles in facilitating the arrangement despite internal objections. A financial deal was supposed to help launch the Moves crypto token. Instead, it led to a token dumping scandal, a Binance ban, and behind the scenes infighting. Contracts obtained by CoinDesk helped explain where it all went wrong. Just to let you guys know actually the first few weeks after Moves was out when a lot of our viewers here got the Moves token airdrop from farming the test net, the price did very well. It pumped first and that was the scary thing I really don't want to see in the future where a project has very high valuation, very good fundamentals because Moves is still a very good project even right now. There's nothing wrong with their tech, it's just leadership problem. Right? I know a lot, I know quite a few people who are very deep in the Soy ecosystem really like Moves tech. Right? So here, let's see what happened here. Alright? Okay, so movement, uh-huh, investigated. Yeah, yeah, yeah, yeah. According to internal documents reviewed by CoinDesk. You know you're in trouble when you see this phrase. Reviewed by CoinDesk. So it apparently a single entity outsized control over the market for its token. Led to 66 million move tokens being sold after the assets December 9 exchange debut triggering a steep price drop and allegations of insider trading by world liberty finance backed by Donald Trump. Cooper Scanlon, co-founder of movement, told employees in an April 21 slack message that the company was examining how more than 5% of move tokens earmarked for web3 port, a market maker, were routed through a middleman named Rentech, an entity the foundation was led to believe was a subsidiary, but apparently is not. Rentech denies engaging in any misrepresentation. Movement's contract with Rentech loaned a single counterparty around half of move's publicly held supply according to an internal movement foundation memo. This granted the entity an unusually large degree of control over the fledgling token experts told CoinDesk. More worryingly in versions of the contracts obtained by CoinDesk, there are incentives basically to manipulate the price to over five billion dollars FDV and then dump on retail for shared profit. This is scary right because we are farming airdrops valuation of a project is a very important metric to decide is this worth farming or not right. The higher valuation they have the better right. So it turns out that this whole move, no pun intended, was intentional right. They wanted to raise to inflate the FDV, make the token really good, then dump on the retail afterwards. So for some of you guys who have already sold your move token on the ETH mainnet, congratulations. Congrats, you sold at the top. You sold at the top and you've avoided this whole fiasco. But for maybe some of you, and this includes me, right, waited till movement, waited for the movement mainnet claim and now our tokens are down really really bad. Right, it's so bad that even Coinbase has suspended trading as of today. Wow. Yeah, it's really really bad. So let's see what's going on. Anything here to note? Market makers hired to provide liquidity for new tokens. But the role can also be of use. No shit. Giving insiders a way to quietly manipulate markets and offload large token holdings. So you can see it wasn't really a sharp drop after their token was launched. It was more of like a slow bleed. Let's actually see. Yeah, that's crazy. Let's see. Move USDT on Binance. Last traded day was, oh, it's still here though. So you can see it's just falling, falling, falling. Previously, 62 cents was a very, very core support. And now, yeah, it's really, really bad, right? Anything else to note here? Uh-huh. Uh-huh. Uh-huh. Uh-huh. Uh-huh. Web3 Port, a Chinese financial firm, claims to have worked with projects including MyShell, Gold Plus Security, and Donald Trump-affiliated World Liberty Financial. What aren't they telling us? Huh? Trump working with the Chinese? Question mark? Mm-hmm. Mm-hmm. Uh-huh. Uh-huh. Binance later banned the market-making account for misconduct, and movement announced the token buyback plan. So, pointing fingers. Let's see. Mm-hmm. Who's pointing fingers to who? Blah, blah, blah, blah, blah. In interviews with more than a dozen people familiar with internal operations, most of whom requested anonymity to avoid reprisal, CoinDesk heard a range of conflicting allegations who architected the Rentech arrangement. Galen Locoon, the owner of Rentech, rejects the suggestion that the foundation was deceived into signing a market-making agreement, asserting that the entity structure was crafted with full collaboration from the movement, Foundation's General Counsel, YK Peck. There's like more and more new names as we scroll down here. There's so many parties, actually. Uh, so, in his message to Employee Scanlon, the co-founder, states that movement is a victim in this situation. Is it really, though? They're doing some damage control. They're doing some damage control. Yeah. Right. Uh, so, what are the responses from movement? Alright, so, the move drop is delayed. My god! Can we just get our airdrop? Mm-hmm. And just like, like, you know, we're airdrop farmers, we can't even catch a break. Can't catch a break? Yeah, man! The noise in the market, not just affecting our trades, but also affecting our airdrops, dude! Airdrops. Right? So, the move drop is delayed. Here's what we need to know. So, in light of the ongoing investigation, a significant Sybil attack on move drop, we must regrettably delay move drop. We were able to reclaim a large number of Sybil tokens after move drop happens, we'll be reallocating these Sybil tokens to ecosystem and community rewards. That's actually not bad. Mm-hmm. That's actually pretty good because we know that the Sybil tokens, the supply, is controlled by that entity. Mm-hmm. That's a big ton of supply. All right? So, if they're going to redistribute that back towards the movement mainnet users participating in this move drop campaign, it could be very, very good. You can potentially get a lot of move tokens if you're very active on movement mainnet. However, will it be worth to get? That's really up for the market to decide if movement is still a good product, you know, just purely on price. So, foundation is implementing government governance change to ensure this never happens again. They'll keep you updated. In the meantime, DeFi spring incentives continue across the ecosystem and we keep G moving. Again, we'll share more on move drop as soon as we can. So, if you're still farming the movement mainnet, uh, airdrop, right? AKA the move drop. DeFi spring incentives is your core objective. And C, maybe, who knows, what if movement actually do a complete turnaround after they cleared up this whole thing with leadership change, right? Uh, I still know the Soy DeFi guys really like move tech. Really like move tech. Just the leadership right now not looking good. So, uh, on top of that, they have confirmed already, right? This was 51 minutes ago, that Rushi Manche, this guy, the one on the right, right here, has been suspended. Has been suspended from movement labs. This decision was made in light of ongoing events and as the third party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker. So, the investigation is still ongoing. It looks like, uh, Rushi either could actually be the one behind the whole, uh, shady deal. Or maybe they just say, hey, Rushi, just take the fall for us. Oh, man. Conspiracy theories, huh? Right? So, yeah. The takeaway here, guys, is if you're still interacting with movement, there's nothing wrong with the, uh, tech itself. There's nothing wrong with the ecosystem itself. In fact, they- Bad leadership and- Yes. Yeah. Just bad leadership and greed from the top dogs, right? And it's also surprising to see, uh, World Liberty Financial being here. Yeah, that was surprising. It means that they've been looking at potential crypto listings since last year, right? Movement launched their testnet in August. The token launched- Token and the airdrop launched on December 9, right? Uh, so, so, it goes to show you what else. What else has World Liberty Financial also dig into? I'm very scared. What if Monad could actually be that case, right? The fact that Monad right now, their valuation is so high, they've raised even more. Uh, very scary. We'd like to see a full list, right? Yeah. Publicly disclosed for Monad, right? Maybe if they're feeling the pressure, they might. We'll see. Interesting hypothesis, Ron. Exactly. Yeah. Right. So, nothing wrong with movement in terms of the tech. So, if you're farming it, continue farming, but also be smart about using your gas. So, yeah. But move, um, move token is gas is actually very, very cheap. Especially on the soy ecosystem. Soy is really, really cheap. So, yeah. That's my take on the current movement incident. I wouldn't pay too much attention on this, like the scandal itself. But the important takeaway here is even good airdrops can be a quote unquote scam. Right? Right? There's always market makers, shady market makers behind. Uh, maybe they actually did duped Movement Labs into signing that deal. But that's also a reflection that Movement Labs didn't do their due diligence. Uh, so, yeah. Always approach with caution every time you engage with a project. But let us know. What do you guys think? Do you think, are there any other projects that might have, you know, signed some shady deals? Walrus? Nah. Monad? Maybe, right? This is a high valuation project. Hopefully not. Man, seriously, we can't catch a break out here. Alright, let's answer some questions. How are you guys doing, man? Yes, what's up everyone? Hello, Rexinator. Mo K. Mm. Uh, Lo Wai Hong, Dalton. Sad didn't join Alpha Group earlier on. Hey, no problem, man. Hey. What's up, Rexinator? What's up, Randall? Gabby? How's everyone doing? Jeff Sparrow is here. Yes, sir. Johnny Dog says, I already knew something wrong the way move was dumping. Uh, let's actually see the chart. I'd say up to this point was completely normal. Like, up until this point, it was completely normal. Okay. Uh, specifically 26th of March. This was fine. But it was around this time when Binance announced that they've stopped support for move token trading. Uh, you can see failed to reclaim here. But everything from down here has just been very, very rough. Um, let's see. So, in terms of trading, it makes no sense to buy this right now. There's no confirmation of a reversal, uh, let alone consolidation. So, at, at the time, I mean, as of right now, just wait to see if move will push. Price discovery. Right. Yes. Price discovery. Yes. It's pushing and looking for a new floor. But once you see price starts to consolidate something like that, maybe even like a wick down and consolidate here, that would be a core support. That would be a core support. This would be a deviation. Oh, smiley face. Uh, Gabby says, hold on. Look at crypto move on trading view. Not at Binance. Okay. Crypto move. Movement. Ah, interesting. This is a completely different chart, it looks like. Oh, wow, dude. What? Wait. December 11. Hey. This token was live all the way back to Tokyo. So, let's see. Okay. Okay. Hey. This token was live all the way back to 2024. What is this? But still. But still. Very, very, very sad. Uh, I also see, uh, Mo K says, I'm new to the game. What must I be farming? You can always refer to our airdroplet.com website. Mm-hmm. Uh, refer to our tier list and see which one fits your playstyle most. Mm-hmm. Uh, you want free. Mm-hmm. You want paid. Mm-hmm. Load off. Social tasks. No social tasks. Mm-hmm. You can try doing Ika. That's the hottest thing right now. But that is actually very expensive to do as you need to burn your soy. Uh, but that, that in on that, that self. I can never ever say that phrase correctly. Yeah. That in on itself can be a very good, um, airdrop because. Soy is hot right now. Yeah. And plus not a lot of people are going to be willing to burn that much soy for the airdrop. Hey, hey, Ron. Hey, hey, Ron. Balake. Balake. Is there a Balake here? Kuram says, hi, bro. Any target for Walrus token? It's almost at all time high. What's the target we can expect? I have 2k Walrus left from airdrop. Oh, he has high. Actually. Yeah. Four figure. That's pretty good. It's good to sell here or wait. I agree with what Gabby says. Don't be afraid to take some profits. Yes, Gabby. Exactly. Don't be afraid to take some profits. That's the same we did for deep book. As deep book was pushing higher and higher. We don't sell all. At least that's not what I do. I just scale off. I unload a little bit and react accordingly. Let's actually see how Wal is doing. Sell bit by bit. Bit by bit. Bit by bit. Bit by bit. And that really is up to you. There's no rule saying how much you should sell. It's really up to your preference. So use the chart as a reference of where you want to sell. So we know that 40 cents has been a core support for Wal. Why is this up here? Hold on. Core support for Wal. This is around these regions was the SR flip. Right. So you can scale right around here. Okay. All right. Use this as a reference. This is actually as clean as it gets. Yeah. Because it's in price discovery, we don't know if price will ever push up or come back to SR flip or even break below 40 cents. So that's why don't be afraid to take profit. All right. Move scam. We should dump it under move in ETH chain. Well, just leadership scam, honestly. But the tech is good. Dude. Soil. Very, very good. Why can't move labs just drop the move drop? I still don't get it. Because the Sybil tokens. So they're still clawing back the tokens that have been controlled by those said entities. How's it going? I need to show. What's up? Not Monad, please. Not Monad. Yeah, yeah, yeah. I really hope not too. Let's see. Story protocol. Super bad DAX volume and super duper low trading fees. Story protocol. MM are moving story protocol. No doubt. No doubt. Let's see. Take profit by the end or mid of June. Probably on July 1st, August or September. I like your enthusiasm. All right. So guys, if you've enjoyed this content, smash up the like button. Let us know what you guys think, right? Yeah. What do you guys think about the movement scandal going on? I know a lot of you guys made some money off of it. Are you still holding? Or have you completely sold off? Let us know down below. Yes, sir. All right. My name is Ron. Morden. Shanana. Peace. Peace. Peace. Peace.