Movement Labs is investigating the sell-off triggered by the control grant agreement of 66 million MOVE tokens

ChainCatcher news, Movement Labs is investigating whether it was misled into signing a market-making agreement that granted an unknown intermediary control over 66 million MOVE tokens, leading to a $38 million sell-off after the token's debut.

Rentech appeared on both sides of the transaction, once as a subsidiary of Web3Port and once as an agent for the Movement Foundation. Foundation officials initially referred to the Rentech deal as "possibly the worst agreement" they had seen, which incentivized people to inflate the price of MOVE before dumping tokens to retail investors.