Although the information in the report has not been directly confirmed by primary sources, it is based on three anonymous insiders. Binance’s founder Changpeng Zhao (CZ) strongly denied the accusations and announced he is considering a defamation lawsuit. However, his statement did not directly refute any of the technical details mentioned in the report. 

How Deep is the Connection Between Binance and USD1? 

There is no documented concrete partnership between Binance and Trump yet. However, the report emphasizes that their link is not superficial. For example, USD1 quickly reached a $2 billion market cap, while its circulating supply remained extremely limited. This suggests that the majority of the stablecoin is controlled by specific actors. 

Analysis in Bloomberg’s article claims that a significant portion of this supply is still held by Binance, and market manipulation occurs through buying and selling activities. Moreover, the process reportedly provides steady income to the Trump family, creating a financial interest. Binance founder Changpeng “CZ” Zhao reacted to the news here: 

4. FUD. Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don't even know where to begin.

Might have to sue them again for defamation. https://t.co/FevGMArHj8

— CZ BNB (@cz_binance) July 11, 2025

The listing of USD1 on Binance attracted more attention with other Trump-linked crypto assets also moving to the platform. Additionally, a $32.8 million transfer of Trump’s memecoins directly to Binance further strengthened this connection. 

Allegations Continue, Parties Remain Silent 

Trump’s White House representatives declined to comment on the news. Officials from World Liberty Financial described the report as an “attempt to create political agenda.” CZ’s statements mostly contained personal criticisms directed at the reporters. A Binance spokesperson reminded that CZ no longer holds an official role in the company but did not provide data that would directly disprove the allegations. 

It is worth recalling that CZ was previously convicted on money laundering charges and later applied for a presidential pardon. At that time, his denials were later confirmed to be false. Therefore, public trust remains low. 

In the end, only a court process can clarify whether the allegations are true or not. If Binance indeed wrote the code for USD1 and financially benefited the Trump family during this process, it will raise both ethical and legal controversies. 

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The post Binance and Trump USD1 Stablecoin Allegations Emerge! appeared first on Coin Engineer.

Sharp ACX Price Drop

ACX plunged from approximately $0.151 to $0.134 after allegations surfaced. At the time of writing, ACX is down 12.5% in the last 24 hours and 41% over the past month.

DAO Misconduct Allegations

Ogle, the pseudonymous founder of Glue, claimed the Across Protocol team used community treasury tokens—worth roughly $23 million—for their private entity. He further alleged the use of secret wallets tied to Risk Labs’ CEO Hart Lambur and others to push through opaque proposals.

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Across Protocol Fires Back

Hart Lambur swiftly dismissed the claims as entirely false. He clarified that Risk Labs, a Cayman-based non-profit, used treasury grants for protocol advancement—not private gain. Lambur emphasized transparency in governance, stating token grants remain untouched and housed in multisig wallets. He also insisted that neither he nor the team had insider knowledge regarding the Binance listing, which they learned from a tweet.

These allegations shine a spotlight on the need for stronger transparency and governance within DAOs. Token voting practices and treasury management continue to be critical concerns for crypto investors.

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The post ACX Price Crashed Due to Incoming Claims! Response from the Team appeared first on Coin Engineer.

Minister Accepted Crypto With No Questions Asked

In March, Jirikovsky’s lawyer contacted Blazek to offer a third of the Bitcoin as a donation. Blazek accepted without investigating the cryptocurrency’s origins. At a press conference, he admitted, “I wasn’t interested so many years after the case.” But critics slammed the move as irresponsible, and authorities have now opened an official investigation.

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Government Distances Itself

Jirikovsky, convicted in 2017 for drug trafficking and other crimes, has been trying to reclaim 1,500 BTC seized during his arrest. Czech law enforcement suspected links to the now-defunct dark web marketplace Nucleus. As the backlash intensified, Prime Minister Petr Fiala distanced himself from Blazek. Facing rising political pressure, Blazek resigned on May 30, stating he did not want to harm the government’s image.

This controversy comes just months after the Czech President signed a major crypto law aligned with the EU’s MiCA framework—intended to clarify regulations and support innovation in the digital asset space.

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The post Czech Justice Minister Resigns Over Bitcoin Scandal appeared first on Coin Engineer.

Coinbase Suspends MOVE Token

This sharp decline in MOVE came as a shock to investors, especially since it had only been listed on Coinbase a few months earlier. Following the development, MOVE’s price dropped to as low as $0.20. 

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Movement (MOVE) on May 15, 2025, on or around 2 PM ET.

— Coinbase Assets (@CoinbaseAssets) May 1, 2025

The long-awaited MoveDrop event was postponed again due to deteriorating market conditions. The postponement was announced on the day the airdrop was expected, causing significant disappointment among users who had been collecting points. 

The MOVE team had prepared 740 million tokens for distribution. Additionally, 5% of the MOVE supply on Binance had been allocated for this airdrop. 

Insider Selling and Market Manipulation Revealed 

The MOVE token project initially appeared to be trustworthy. The project raised $40.4 million and built an ecosystem offering DeFi applications and developer tools. The platform had $122 million in total value locked and stablecoin liquidity of around $23 million.

However, MOVE collaborated with malicious market makers. A firm called Web3Port sold 66 million MOVE on Binance, causing the price to fall. Binance banned this firm. Later, the team partnered with Rentech, which artificially pumped the price and then applied selling pressure through aggressive sales. 

Heavily promoted on social media, the MOVE token was also bought by the Trump family’s fund, World Liberty Fi. However, the fund sold all its MOVE tokens shortly after. 

After being listed on major exchanges like Binance and Coinbase in December 2024, the MOVE token rose as high as $1.40. However, due to insider selling allegations and airdrop delays, the price plummeted. MOVE is currently trading at $0.0197. 

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The post MOVE Token Crashed: Delisted by Coinbase, Airdrop Cancelled! appeared first on Coin Engineer.

Governance Under Fire

Allegedly, Movement Labs struck a market-making deal with Rentech, posing as an affiliate of Chinese firm Web3Port. Internal documents reveal Rentech represented both Web3Port and the Foundation itself, sparking conflict-of-interest concerns. The firm sold all its 66M MOVE tokens within 24 hours of launch, sending shockwaves through the crypto community.

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Reports claim Manche forwarded early drafts of the deal and maintained involvement with both Movement Labs and the nonprofit Foundation—despite their intended separation. Legal advisers reportedly called the deal “one of the worst” they’d ever reviewed, yet it proceeded, leading to massive market disruption.

Major Exchange Reactions

Binance responded by offboarding the market maker and freezing $38 million in proceeds, citing misconduct. Later, Coinbase announced it would suspend MOVE trading on May 15, further compounding the project’s turmoil.

Following these announcements, MOVE dropped 14% to $0.20, with a daily loss of 21%, according to Coingecko. A third-party governance audit by Groom Lake is underway to determine Manche’s role in the deal.

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The post Crisis at Movement Labs: 66M MOVE Dump Triggers Major Fallout! appeared first on Coin Engineer.