66 million MOVE tokens sold abnormally or self traded by intermediary Rentech

BlockBeats News: On April 30th, according to CoinDesk, the market making agreement previously signed by Movement Labs resulted in the unknown intermediary Rentech gaining control of 66 million MOVE tokens and causing MOVE tokens to be sold for $38 million on TGE the next day, prompting Binance to urgently ban related accounts. According to the internal contract, the intermediary Rentech appeared in the agreement as both an agent for the Movement Foundation and a subsidiary of Web3Port, playing a dual role in the transaction, and its domain name was only registered on the day of the contract signing. The contract grants Rentech approximately half of MOVE's publicly held borrowing rights and allows Web3Port to liquidate tokens and split with Rentech when MOVE's valuation reaches $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 under investigation. Movement is still investigating the involvement of its co-founder Rushi Manche, who initially forwarded the deal with Rentech to the Movement team and promoted it internally. Movement Foundation lawyer Pek once marked the agreement in an email as "possibly the worst agreement he has ever seen" and pointed out that the agreement had a motive to sell tokens to retail investors after raising the price of MOVE coins. Despite internal opposition, the executives, legal advisors, and advisory teams that facilitated the agreement are currently under review.