Inside Movement’s Token-Dump Scandal
The post Inside Movement’s Token-Dump Scandal appeared on BitcoinEthereumNews.com. Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, the Ethereum protocol reporter on CoinDesk’s Tech team. In this issue: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisors and Hidden Middlemen Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal Bitcoin Debate on Looser Data Limits Brings to Mind the Divisive Ordinals Controversy Coinbase’s Base Network Achieves ‘Stage 1’ Status, Reducing Centralization Risk Network news MOVEMENT’S TOKEN DUMP SCANDAL: Movement, a buzzy crypto startup supported by Trump’s World Liberty Financial, was rumored to be closing a $100M series B round. Instead, following a CoinDesk investigation, the network is now at the center of an insider-dealing scandal that has exposed a seedy corner of crypto deal-making. Movement Labs is investigating whether it was misled into signing a market-making agreement that granted an obscure middleman control over 66 million MOVE tokens, triggering a $38 million selloff after the token’s debut. Internal contracts show Rentech, a firm with no digital footprint, appearing on both sides of the deal, once as a Web3Port subsidiary and once as an agent of Movement Foundation, raising questions about self-dealing. Foundation officials initially flagged the Rentech deal as “possibly the worst agreement” they had ever seen; experts warned it created incentives to pump MOVE’s price before dumping tokens onto retail investors. The incident has exposed a rift within the Movement’s top leadership: executives, legal counsel and advisors are all under scrutiny for their roles in facilitating the arrangement despite internal objections. — Sam Kessler Read more. ETH PROPOSAL AIMS TO RAISE GAS LIMIT CEILING: Ethereum Foundation researcher Dankrad Feist filed EIP-9698, a plan to let the blockchain’s gas limit grow on autopilot over the next four years. The EIP introduces a deterministic “exponential” schedule…
The post Inside Movement’s Token-Dump Scandal appeared on BitcoinEthereumNews.com.
Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, the Ethereum protocol reporter on CoinDesk’s Tech team. In this issue: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisors and Hidden Middlemen Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal Bitcoin Debate on Looser Data Limits Brings to Mind the Divisive Ordinals Controversy Coinbase’s Base Network Achieves ‘Stage 1’ Status, Reducing Centralization Risk Network news MOVEMENT’S TOKEN DUMP SCANDAL: Movement, a buzzy crypto startup supported by Trump’s World Liberty Financial, was rumored to be closing a $100M series B round. Instead, following a CoinDesk investigation, the network is now at the center of an insider-dealing scandal that has exposed a seedy corner of crypto deal-making. Movement Labs is investigating whether it was misled into signing a market-making agreement that granted an obscure middleman control over 66 million MOVE tokens, triggering a $38 million selloff after the token’s debut. Internal contracts show Rentech, a firm with no digital footprint, appearing on both sides of the deal, once as a Web3Port subsidiary and once as an agent of Movement Foundation, raising questions about self-dealing. Foundation officials initially flagged the Rentech deal as “possibly the worst agreement” they had ever seen; experts warned it created incentives to pump MOVE’s price before dumping tokens onto retail investors. The incident has exposed a rift within the Movement’s top leadership: executives, legal counsel and advisors are all under scrutiny for their roles in facilitating the arrangement despite internal objections. — Sam Kessler Read more. ETH PROPOSAL AIMS TO RAISE GAS LIMIT CEILING: Ethereum Foundation researcher Dankrad Feist filed EIP-9698, a plan to let the blockchain’s gas limit grow on autopilot over the next four years. The EIP introduces a deterministic “exponential” schedule…
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