2025-05-02 09:13:42

Movement Labs is investigating whether it was misled into signing a market-making agreement that granted an unknown middleman control over 66 million MOVE tokens, which triggered a $38 million dumping after the token's debut. Rentech appeared on both sides of the transaction, once as a subsidiary of Web3Port and once as an agent for the Movement Foundation. Foundation officials initially referred to the Rentech transaction 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. (Coindesk)

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RockingPants

· 2025-05-03 01:29

Movement Labs is investigating whether it was misled into signing a market-making agreement that granted an unknown middleman control over 66 million MOVE tokens, leading to a $38 million dump after the token's debut. Rentech appeared on both sides of the transaction, once as a subsidiary of Web3Port and once as an agent for the Movement Foundation. Foundation officials initially referred to the Rentech deal as "possibly the worst agreement" they had seen, which incentivized people to pump the price of MOVE before dumping tokens to retail investors. (Coindesk)

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