The Movement Labs team is investigating the circumstances of the deal with the market maker that led to the dump of 66 million tokens #Move and the decline in the asset's price shortly after its listing.

According to employee correspondence, the Movement Foundation transferred 66 million MOVE tokens (5% of the issuance) to Rentech — a broker without a public reputation.

The contract allowed the firm to sell tokens upon reaching a market capitalization of $5 billion. This created an incentive for price manipulation followed by a sell-off, experts from CoinDesk reported.

On December 9, a day after the MOVE listing on exchanges, wallets associated with Rentech and the market maker Web3Port withdrew $38 million, triggering a 47% price drop.

#Binance blocked the market maker's account for "violations," and Movement announced a buyback of tokens to stabilize the market.