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Movement Labs investigation into the control grant protocol of 66 million MOVE Tokens has triggered a $38 million dumping storm.
According to CoinDesk, Movement Labs is investigating whether it was misled into signing a market-making protocol that granted an unknown middleman control over 66 million MOVE tokens, leading to a $38 million dumping after the token’s debut. Rentech appeared on both sides of the trade, once as a subsidiary of Web3Port and once as an agent for the Movement Foundation. Foundation officials initially described the Rentech deal as “possibly the worst protocol” they had ever seen, as it incentivized people to inflate the price of MOVE before selling the tokens to retail investors.