Investigation: Earlier, 66 million MOVE tokens were anomalously sold off or are linked to intermediary Rentech self-trading

BlockBeats News, April 30th, according to CoinDesk, Movement Labs' previous liquidity agreement has enabled the obscure intermediary Rentech to gain control of 66 million MOVE tokens, resulting in a $38 million sell-off of MOVE tokens the day after the TGE, prompting Binance to urgently freeze related accounts.

Internal contracts show that the intermediary Rentech appeared in the agreement as both an agent of the Movement Foundation and a subsidiary of Web3Port, playing a dual role in the transaction, and its domain name was registered on the day of the contract signing. This contract allowed Rentech to gain lending rights to about half of the publicly held MOVE supply and allowed Web3Port to liquidate the tokens and split the proceeds with Rentech when the MOVE valuation reached $5 billion.

Movement stated that it may have been induced to sign a financial agreement granting excessive control to a single entity and is currently investigating. Movement is also investigating the involvement of its co-founder Rushi Manche, who initially forwarded the transaction with Rentech to the Movement team and promoted it internally. Movement Foundation lawyer Pek referred to the agreement as "perhaps the worst agreement he has ever seen" in an email, noting the agreement's motivation to artificially inflate the MOVE token price and then sell the tokens to retail investors. Despite internal opposition, the executives, legal advisors, and advisory team who facilitated the agreement are currently under review.