MOVA Chain promoted $100 million in funding; backer now calls it “valuation”
Platform claiming “North American tech” origins was generated by Gamma.app
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.
The platform’s frontend source code and design templates indicate it was created using Gamma.app, a no-code AI tool frequently used for generating slide decks and basic websites. The findings raise serious questions about the project’s ability to handle the “trillions in Real World Assets (RWA)” it promised investors, suggesting the “North American tech team” may not exist.
The ‘Uranus’ Structure
Internal sales documents obtained by TokenPost reveal a revenue model dependent on recruitment rather than transaction fees. The project categorizes investors into a tiered node system ranging from “Mercury” ($100) to “Uranus” ($10,000).
According to the documents, purchasing a top-tier Uranus node quadruples an investor’s payout limit. The system incentivizes recruitment with a 10% direct referral bonus and additional “matching bonuses” down to five levels. The compensation plan explicitly references “small leg” volume — terminology characteristic of pyramid schemes — promising global dividends to recruiters who generate over $30 million in sales on their weaker side.
The Trump Connection
Sales agents for MOVA have actively leveraged the brand of the U.S. President-elect, telling potential investors in chat rooms that the project’s USD1 stablecoin was “created by the Trump family” and approved by U.S. Congress. Marketing materials have utilized unauthorized images of Donald Trump and his sons.
Aqua Labs denied any official partnership with the Trump family in its correspondence. However, the false association has served as a key recruitment tool in South Korea’s offline crypto centers, which frequently target older demographics familiar with the Trump brand.
Regulatory Gray Zone
The entity cited as the primary investor, Aqua1 Foundation, does not appear in the public registries of the UAE’s financial regulators, the ADGM or DFSA. Instead, the firm provided registration documents for a Dubai-based LLC formed in May 2025, raising concerns about the use of the term “Foundation” to imply institutional legitimacy.
TokenPost, which previously accepted MOVA Chain as a sponsor, stated it has “moved from partner to watchdog” following the discoveries. The media outlet is continuing its investigation into the project’s alleged ties to other financial institutions, including GeoNova Capital and Standard Chartered.
For more on this investigation, contact the TokenPost Special Reporting Team at [email protected].
