Drama liquidates 66 million tokens $MOVE and the internal suspicions

▶️ The scandal involving the #MOVE token from Movement Labs has raised many questions about the ambiguous relationship between the stakeholders, especially the role of the intermediary company Rentech and the MM Web3Port team.

1. On December 9, 2024: MOVE listed on Binance.

2. On December 10: 66 million MOVE were dumped → price plummeted significantly.

3. Binance immediately froze related wallets and banned MM's activities.

4. The project claims it will 'investigate', stating it was deceived and does not know who Rentech is.

▶️ Everything happened too quickly, as if premeditated.

🔔 The dubious role of Rentech and Web3Port

- Rentech signed a market-making contract with Web3Port, then returned to propose that the Movement Foundation borrow 5% of the total MOVE supply, with profit-sharing terms based on FDV.

- Within a few days, MOVE was listed with an FDV of nearly $2B, then dumped right when the #FOMO market hit.

📌 The strange thing is: Who transferred the tokens to Rentech? Tokens cannot just appear out of thin air, and the project team is definitely involved.

▶️ Was this a setup from the start?

1. #FDV 'in the sky', product not yet available

→ Movement knows this valuation can't hold for long, needs to 'exit' discreetly.

2. Create a dubious intermediary layer

→ Use Rentech as a 'shield' to dump, shift blame, and then wash hands of responsibility.

3. Play the victim role afterward

→ Foundation opens an investigation, Co-founder temporarily withdraws → media is directed towards 'we were betrayed'.