Sale of Movement tokens

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Binance, reacting to the controversial sale of 66 million Movement tokens by market maker Web3Port shortly after the token’s listing, offboarded the market maker and suspended $38 million in sale proceeds

Rentech allegedly facilitated the sale of 66 million MOVE tokens, representing 5% of the total supply, on December 10, 2024, just one day after MOVE’s exchange debut, through market maker Web3Port, resulting in $38 million worth of downward price pressure and prompting allegations of market manipulation and insider dealing

Coinbase suspended Movement token trading after revelations that market maker Web3Port had sold 66 million tokens just one day after the listing, citing the token’s failure to meet its listing standards

Rushi Manche allegedly orchestrated a market maker agreement in December 2024 with Rentech, a firm that presented itself as an affiliate of Chinese market maker Web2Port, granting it access to 66 million MOVE tokens

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