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MOVA Chain promoted $100 million in funding; backer now calls it "valuation"
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Platform claiming "North American tech" origins was generated by Gamma.app
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Internal documents reveal multi-level marketing structure targeting retirees
(Seoul) — The pitch to South Korean retail investors was irresistible: a blockchain project backed by a $100 million investment from the UAE, developed by a top-tier North American tech team, and tied to the family of U.S. President-elect Donald Trump.
But the reality of MOVA Chain appears to be far less sophisticated. An investigation by TokenPost reveals that the project’s "financial engine" was constructed using a free AI website generator, its alleged nine-figure funding was a valuation figure rather than cash, and its sales structure mirrors a multi-level marketing (MLM) scheme targeting the elderly.
The unraveling of MOVA Chain underscores the persistent risks in South Korea’s crypto market, where sophisticated marketing often masks a lack of technical substance. Following the discovery of these discrepancies, TokenPost has severed its sponsorship ties with the project and initiated a probe into its operations.
The 'Valuation' Pivot
Central to MOVA Chain’s marketing was the claim that it had secured $100 million in strategic investment from the UAE-based Aqua1 Foundation. The figure was prominently featured in press releases and sales pitches to validate the project’s stability.
However, in a legal letter sent to TokenPost on Jan. 2, Aqua Labs Investment LLC—the entity representing the backers—conceded that no such capital injection took place.
"Mova has consistently and clearly stated that it secured a strategic investment at a $100 million valuation, not that it received $100 million in deployed capital," the firm stated in the correspondence.
This admission contradicts MOVA's Nov. 5 press release, which announced the "completion of a $100 million strategic funding round," a phrasing standardly understood in financial markets to denote liquidity, not a theoretical appraisal.
No-Code 'Tech'
While MOVA promoted its decentralized exchange, USD1SWAP, as a "next-generation financial engine" built by elite North American engineers, technical analysis suggests otherwise.