After the deal concluded, Web3Port reportedly sold the 66 million MOVE that it gained through the deal, about 5% of the total supply. This led to $38 million in downward price pressure in December 2024.
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Movement Labs terminates co-founder Rushi Manche, launches new firm
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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
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