Movement Labs investigates 66 million sell-off caused by MOVE token control grant agreement
2025-04-30 12:07:27
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, triggering a $38 million sell-off after the token debuted. Rentech appeared on both sides of the deal, once as a subsidiary of Web3Port and once as an agent for the Movement Foundation. Foundation officials initially called the Rentech deal "probably the worst agreement" they've ever seen, which incentivized people to bid up the price of MOVE before dumping their tokens on retail investors. (Coindesk)
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