Scandal in MOVE: Allegations of Price Manipulation and Shadow Broker Involvement

An investigation has been launched into the MOVE coin after 66 million coins were sold for $38 million just one day following its token generation event. Suspicious market-making agreements have come to light, with documents suggesting that a shadowy broker named Rentech, associated with both the Movement Foundation and Web3Port, was given significant control over MOVE coins. Binance reacted swiftly by freezing the involved accounts amid allegations of self-dealing and potential conflicts of interest. The internal agreement reportedly allowed Rentech to borrow nearly half of the publicly traded MOVE coins and enabled profit sharing with Web3Port should the coin’s value hit $5 billion. Movement Labs is actively investigating whether it was misled into entering into a deal that disproportionately empowered one party, with internal figures warning that the arrangement could be intended to artificially inflate the coin’s price before offloading assets to individual investors.