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- 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
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1.Publish original content on Gate Square related to PROVE or the above activities (minimum 100 words; any format: analysis, tutorial, creativ - 💙 Gate Square #Gate Blue Challenge# 💙
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4. Submissions must be original and comply with community guidelines. Plagiarism or re - 🎉 The #CandyDrop Futures Challenge# is live — join now to share a 6 BTC prize pool!
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Dare to trade. Dare to win.
Movement Labs investigates the controversy surrounding the market-making protocol involving 66 million MOVE tokens.
According to the Gate.io News bot and CoinDesk, Movement Labs is investigating a market-making protocol. The protocol grants control over 66 million MOVE tokens to an undisclosed identification middleman, resulting in a $38 million dumping during the token's initial trading.
The investigation shows that Rentech participated in the trading as an agent of the Web3Port subsidiary and the Movement Foundation. Foundation officials previously commented on the protocol: "this is probably the worst agreement we've ever seen". The protocol designed a mechanism to inflate the MOVE price before dumping the Token to retail investors.
Source: CoinDesk