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MOVE Token Scandal News: Who & How Market Manipulation Led to Massive Price Drop
In a shocking turn of events, the crypto community has been left reeling after MOVE token’s price plummeted to an all-time low due to a market manipulation scandal. At its core lies a deceitful deal between Movement Foundation and Rentech, which led to a catastrophic loss in value for investors.
The investigation revealed that Movement Foundation signed a deal with Web3Port, a Chinese market maker with ties to World Liberty Financial, affiliated with Donald Trump’s World Liberty Financial. This agreement allowed Web3Port to sell 66 million MOVE tokens just one day after their debut in December, triggering a massive price drop and allegations of insider trading.
But what may seem like an isolated incident is actually the tip of the iceberg. Further investigation reveals that Rentech was not a subsidiary of Web3Port as initially believed by Movement’s co-founder Cooper Scanlon. Instead, it emerged to be a separate entity that facilitated this market manipulation. This new information raises red flags about potential price manipulation and has sparked calls from industry experts like crypto founder Zaki Manian, who labeled the deal “dangerous” and “unethical”.
Moreover, allegations have surfaced suggesting Movement’s co-founder Rushi Manche pushed for the deal, raising questions about conflicts of interest that may have played a role in this debacle. As such, it appears clear that Movement is not just facing financial losses but also reputational damage.
To make matters worse, Binance has banned Rentech’s market-making account due to these manipulative actions. In response, Movement Foundation launched a token buyback initiative to stabilize the price and regain investor trust.
It remains unclear what steps will be taken next, but one thing is certain: this scandal has shaken the crypto world and left many wondering how such manipulation could occur in the first place.
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Source: https://coinpedia.org/news/move-token-scandal-news-who-how-market-manipulation-led-to-massive-price-drop/
