Movement Labs Investigates Sell-off Triggered by Agreement Granting Control of 66 Million MOVE Tokens
Movement Labs is investigating whether it was misled into signing a market-making agreement that granted an unknown intermediary control over 66 million MOVE tokens, leading to a $38 million sell-off following the token's debut.
Rentech appeared on both sides of the transaction, once as a subsidiary of Web3Port and once as an agent of the Movement Foundation. Foundation officials initially described the Rentech deal as "possibly the worst agreement" they had ever seen, which incentivized people to inflate the price of MOVE before selling the tokens to retail investors.
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