Movement Labs Investigates Sell-off of 66 Million MOVE Tokens Following Agreement Granting Control

Odaily News Movement Labs is investigating whether it was misled into signing a market-making agreement that gave an unknown middleman control of 66 million MOVE tokens, triggering a $38 million sell-off after the token’s debut. Rentech appeared on both sides of the deal, once as a subsidiary of Web3Port and once as an agent of the Movement Foundation. Foundation officials initially called the Rentech deal “probably the worst agreement” they had ever seen, which incentivized people to drive up the price of MOVE before dumping the tokens on retail investors. (Coindesk)