Binance has pinpointed a market maker for the MOVE token. The company claims it dumped 66 million tokens post-Movement launch, securing $38 million in profit as a result.
Surprisingly, the Movement Network Foundation stated that it was unaware of the market makers’ activity. However, the foundation plans to utilize the recovered funds for a buyback program named “Movement Strategic Reserve.”
Once Binance informed them of the market maker’s activity, the Movement Network Foundation claimed it severed all ties with the entity. The foundation has since collaborated with Binance to recover the funds. Furthermore, they committed to using the funds for buying back MOVE from public markets.
NEW: BINANCE OFFBOARDED AND FORBID ANY FURTHER MARKET MAKING ACTIVITIES BY A MARKET MAKER OF THE PROJECT MOVEMENT (MOVE) ON BINANCE pic.twitter.com/r18MVpMUrS — DEGEN NEWS (@DegenerateNews) March 25, 2025
Binance Plans To Maintain Market Transparency with $38 Million Freeze of the Movement Market Maker
Leading crypto exchange Binance identified a market maker for Movement crypto (MOVE) that allegedly dumped millions of tokens following launch. Binance has frozen the market maker’s profits.
Binance released a statement today (March 25), stating the actor was associated with another market maker it had off-boarded on March 9, forbidden from further activities on the platform due to misconduct.
The exchange claimed that one day after MOVE was listed on December 10, around 66 million MOVE tokens were sold by the market maker, with “little buy orders.” The user made a net profit of 38 million USDT before being banned from Binance a week ago today, on March 18.
Movement Network Foundation Responds to Binance’s Asset Recovery Efforts
In a statement, the Movement Network Foundation confirmed that Binance had informed it of an ongoing investigation into market-making activities involving MOVE on March 11, 2025.
Denying knowledge of any wrongdoing, the foundation stated, “Movement Network Foundation and Movement Labs had absolutely no knowledge that this was happening.”
“We chose to work with this market maker as they had already supported projects in the Movement ecosystem,” the company said.
The MOVE team expressed gratitude to Binance for its investigation. The foundation added that the market maker acted against the project’s wishes without consent and breached its agreement requiring it to provide liquidity on both sides of the MOVE/USDT pair.
According to the company, all proceeds will be utilized by the Movement Network Foundation to establish the “Movement Strategic Reserve.” This will be a 38 million USDT buyback program aimed at repurchasing MOVE for long-term use and returning USDT liquidity to the Movement ecosystem.
Working with Binance, the buyback program will be implemented over the next three months.
In response to this news, MOVE increased over 4% in value on the day, processing $144 million in trading volume within the same timeframe. The Movement crypto was initially developed at Meta (formerly Facebook) by a team associated with Facebook’s now-defunct ‘Diem’ stablecoin project.
