Movement insider advisor Sam revealed: A large amount of $MOVE is being dumped by an internally designated Wallet.

Author: Sam Thapaliya

Compiled by: Deep Tide TechFlow

Recently, Coindesk published an article describing my early involvement in the Movement project. The purpose of this tweet is to clarify the facts.

Prior to Movement, I met with Cooper in person at Vanderbilt University and proposed to incubate a Move-based project, which eventually led to the birth of Satay. Satay is a yield aggregator that I funded and helped get started.

When Cooper turned to establish MVMT Labs (before Rushi joined the team), he relied on my advice and assistance in all aspects, from fundraising to token economics to emotional support. I worked closely with Cooper to drive the launch of the Movement project.

When Rushi joined Movement and took charge of the technical team, the project's vision began to take shape. I gradually stepped back from my role as a close advisor to Cooper and focused primarily on go-to-market (GTM) work. This led to a memorandum of understanding (MOU) published by @vannacharma, which was negotiated and signed by Cooper. As the project approached the token generation event (TGE), I worked closely with Cooper again, particularly providing him advice on the upcoming airdrop proposal.

Cooper entrusted me to find a data science team to audit the airdrop dataset based on the testnet usage, as the Movement team realized that the dataset they relied on did not even accurately reflect the actual usage of the testnet.

Due to numerous issues with the dataset, I suggested to Cooper to evenly distribute the rewards among all airdrop participants. However, during this time, Cooper insisted on allowing a specific group of 75,000 wallets to receive the highest proportion of token distribution for each wallet.

You can find these wallets on and observe their distribution. These wallets are almost the only ones that successfully claimed and bundled over 60 million $MOVE, which occurred during the Move token airdrop on December 9th. From the heatmap below, you can see how these wallets were bundled and quickly sold off after claiming the airdrop:

During the claiming process, when we realized the issue with these 75,000 wallets, I suggested once again to distribute the rewards evenly to reduce the impact of Sybil attacks (fake accounts) bundling and dumping. However, Cooper chose to increase the claiming fees, which resulted in almost no other users being able to claim the airdrop rewards aside from these 75,000 wallets.

After the airdrop has started, Cooper adjusted the claim fees, but he did not correspondingly increase the claim fees for the 75,000 "core-galxe" wallets to control the impact of Sybil behavior.

When users are unable to claim the airdrop, because the claim fee is higher than the airdrop amount, this causes most users to choose to postpone and wait to claim the airdrop on the fee-free L2.

The problem is that L2 has not launched as planned within 30 days, leaving many users in困境.

The current rumors are false. Nearly three years ago, Cooper sought my help, and I invested a lot of energy and time to help Cooper, Rushi, and the team achieve success with MVMT. In return, I faced public attacks and lost many opportunities and social capital.

Over the past three years, I have invested a significant amount of time and effort to help MVMT get started. So far, I have not received any compensation, and MVMT clearly has no intention of fulfilling the agreement to pay me the tokens I deserve.