Kaito "Contracted with Web3Port for Market Making in February, Terminated Within a Week Due to MOVE Misconduct Allegations"
JH Kim
Summary
- Kaito announced that it signed a contract with Web3Port on February 17 but voluntarily terminated it on the 27th.
- Web3Port was involved in misconduct allegations during the Movement listing process, leading Kaito to decide on contract termination.
- The Kaito Foundation reported that it has not sold a single KAITO since the Token Generation Event and is instead buying through buybacks.
AI-based Web3 information platform Kaito announced on the 14th (local time) via X (formerly Twitter) that "Kaito signed a contract with market-making firm Web3Port on February 17, but voluntarily terminated it on February 27."
Web3Port, a Chinese market maker, had been embroiled in misconduct allegations during the listing process of Movement (MOVE).
Kaito stated, "The termination date was prior to the reports related to Web3Port's Movement, and the reason for termination was that the market-making process was deemed to deviate from the intended purpose," adding, "The Kaito Foundation has not sold a single KAITO since the Token Generation Event (TGE) and is instead buying back through buybacks."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
