{"id":24947,"date":"2025-05-02T17:32:13","date_gmt":"2025-05-02T17:32:13","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=24947"},"modified":"2025-05-02T17:32:13","modified_gmt":"2025-05-02T17:32:13","slug":"coindesk-recap-movements-very-bad-week","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=24947","title":{"rendered":"CoinDesk Recap: Movement\u2019s Very Bad Week"},"content":{"rendered":"
\n

This week, bitcoin climbed steadily to reach nearly $100K<\/a>, amid hopes for a China-U.S. trade and better macroeconomic conditions ahead.<\/p>\n

Institutions like Mastercard<\/a> and BlackRock<\/a> made important digital asset announcements.<\/p>\n

An historic stablecoin bill<\/a> neared completion in the U.S. Congress. (A former prime-mover in the House said to expect a \u201cwicked hot summer\u201d<\/a> of legislation.)<\/p>\n

And the Trump Family continued to dominate the crypto news cycle<\/a>, raising serious conflict-of-interest questions<\/a>.<\/p>\n

At CoinDesk, however, the biggest story concerned Movement, a once-hot startup that now seems deeply troubled.<\/p>\n

Deputy managing editor Sam Kessler published an eye-opening scoop<\/a> showing that Movement Labs may have been misled into signing a market-making agreement that granted a middleman control over 66 million MOVE tokens. That deal was said to have triggered a $38 million selloff, which dumped on retail investors who had faithfully bought in. The story was especially resonant as Movement is backed by World Liberty Financial, a company tied closely to the Trump Family. <\/p>\n

Following the story Wednesday, Coinbase suspended listing MOVE<\/a>, Nik De reported, and Binance banned the market-marker Web3Port. By Thursday evening Movement Labs had suspended flamboyant co-founder Rushi Manche<\/a> (Sam Reynolds reported) amid ongoing investigations into the project\u2019s \u201corganizational governance.\u201d<\/p>\n

It was quite a fall from grace for a startup that had been hotter-than-Miami Beach a few weeks ago. <\/p>\n

In other significant news, Sam Altman’s blockchain project, World announced plans<\/a> to deploy 7,500 eye-scanning orbs in U.S. cities by the end of the year and add crypto-backed loans, prediction markets, and a Visa debit card for spending WLD tokens to its product offerings. Cheyenne Ligon and Margaux Nijkerk had that news. <\/p>\n

Meanwhile, Ligon also reported on the trial of Avraham Eisenberg, who was convicted last year on charges of wire fraud, commodities fraud and commodities manipulation charges related to the $110 million hack of Mango Markets. The new conviction relates to Eisenberg possessing child sexual abuse material in 2024<\/a>.<\/p>\n

Earnings season brought mixed results for major exchanges and facilitators. Robinhood said it expected a Q1 pullback in crypto-related revenue<\/a> (Helene Braun reported). Kraken said its revenue was up 29% in the same period<\/a> (Francisco Rodrigues). Strategy reported a first-quarter loss of $4.2 billion<\/a> on declining bitcoin prices. But it\u2019s still planning to raise more than $50 billion for bitcoin-buying<\/a> over the next 32 months (James Van Straten).<\/p>\n<\/p>\n

Where do we go from here? Market signals look promising, especially if tariff fears wane. But Movement may have some crisis management to look into.<\/p>\n

<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

This week, bitcoin climbed steadily to reach nearly $100K, amid hopes for a China-U.S. trade and better macroeconomic conditions ahead. Institutions like Mastercard and BlackRock made important digital asset announcements. An historic stablecoin bill neared completion in the U.S. Congress. (A former prime-mover in the House said to expect a \u201cwicked hot summer\u201d of legislation.) […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-24947","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24947"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24947\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}