Token-dump arrangement and contract mechanics

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Movement Foundation reportedly signed a revised market-making agreement with Rentech on December 8, 2024, that preserved core provisions granting token access, despite internal objections

YK Pek, Movement Foundation’s general counsel, described the Rentech contract as “possibly the worst agreement” he had ever seen and warned it would hand market control to an unknown entity, while Marc Piano, director of the Foundation’s British Virgin Islands entity, refused to sign

Rentech is said to have appeared on both sides of a market-making deal involving Web3Port and the Movement Foundation, once as a Web3Port subsidiary and once as an agent of the Foundation, a dual role that raised concerns about self-dealing and control of contract terms

Movement Labs’ December 2024 market-making agreement reportedly enabled Rentech to access and liquidate over 66 million MOVE tokens, triggering a post-launch selloff

Movement Labs’ market-making agreement reportedly allowed Rentech to liquidate its MOVE tokens if the cryptocurrency’s fully diluted valuation surpassed $5 billion, triggering a 50-50 profit split with the Movement Foundation, a structure Zaki Manian warned could incentivise retail price manipulation

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