How MOVE’s Contracts Put a Pump and Dump Into a Legal Agreement - Ep. 828
Episode publishedPodcast: UnchainedUnchained
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Insane. Insane. Everybody I spoke to was amazed because you get rumors about this sort of a thing happening. But to my knowledge, this is the first time I've seen it, you know, actually written out on a contract, you know, for the public to see that it's not just that people are, like, shadily, you know, selling tokens behind the scenes. They're making deals.
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. Every episode, we feature listener comments. Today, we have some responding to my recent interview with Jeff Park and Mark Palmer on the launch of twenty one Capital. On YouTube, nine one four says, quote, it's going up forever, Laura. And on x, Helicon Darkstar writes Ponzinomics one zero one. If you wanna hear your comment on a future episode, write a review of the podcast overall or leave a comment on our video on YouTube, Farcaster, RX. This is the 05/02/2025 episode of Unchained. Bi
for having me, Laura. Good to be back.
You published a blockbuster story on Wednesday revealing some of the contracts behind the controversial Move token launch, which resulted in Binance banning the market maker, and now there's an investigation at Movement Labs. And, also, now we've already had a real world impact from your article, which we can discuss, which is Coinbase delisting the token. But, let's, you know, just dive into what happened at this scandal. At a high level, why don't you tell us what you uncovered?
Yeah. So it it does come at a crazy time. So Coinbase did just, it it sounds like they're suspending it starting on May 15. I don't know what the difference is between suspending and delisting. That's something that I'm gonna have to report on and figure out. It just happened right before we started this podcast. But, anyway, the the the TLDR of it, which you kinda started to cover, is that through this investigation that we published yesterday, I found a few contracts that show that, the Movement Foundation, which is the entity that kind of is responsible for the Move token, attached to that
Yeah. So let's dive into the details because there's a lot to unpack. Maybe why don't we just start with, the two key players probably at the center of the drama, which are these entities, Web3port and Rentec. Unclear to me from some of what you wrote whether or not they're really separate entities, but, anyway, explain how they got introduced into the picture, who they are, and what the relationship is between them. Yeah.
So at the center of the story is this question of who is this Rentec entity. So I purposefully didn't go into it with the summary because it gets complicated. It's still complicated. There's an investigation, apparently, within Movement into what happened here. But, essentially, Movement says that it was deceived into making this market maker deal. There's a couple of contracts that ultimately got signed. This is the best way, I think, to explain it. Movement signed a market making contract, and market making is just kind of a normal thing in crypto and even with stocks where you kind of pay s
And one other piece of this is that, they were actually also doing one deal with Movement Labs and then another deal with the Movement Foundation, and, those two entities did not know about the other contract. Or It's
a it's a little it it's it's complicated, and it's even I I tried to simplify it in my story. And so if anything's confusing, that's that's that's our fault. But what really happened was there was this contract with the foundation. It was always with the foundation. The fo
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