Binance Detects Activity from Market Maker That Sold $38 Million in MOVE Tokens
Binance has identified a crypto market maker for the MOVE coin, reporting that it sold 66 million tokens following the Movement launch, resulting in a profit of $38 million.
Interestingly, the Movement Network Foundation stated it was not aware of the crypto market maker’s actions. However, the foundation plans to utilize the recovered funds in a buyback initiative dubbed “Movement Strategic Reserve.”
After Binance notified them about the trading market maker’s actions, the Movement Network Foundation asserted it severed all ties with the entity. The foundation has been working with Binance to retrieve the funds, which it has pledged to use to buy back MOVE from the public markets.
NEW: BINANCE HAS DISCONTINUED AND PROHIBITED ANY FURTHER TRADING MARKET MAKING OPERATIONS BY A TRADING MARKET MAKER ASSOCIATED WITH THE MOVEMENT PROJECT (MOVE) ON BINANCE pic.twitter.com/r18MVpMUrS
— DEGEN UPDATE (@DegenerateNews) March 25, 2025
Binance Aims To Ensure Market Transparency, Freezing $38 Million From Movement Trading market Maker
Leading digital currency exchange Binance has identified a market maker for Movement crypto (MOVE) that reportedly sold millions of tokens following the launch. Binance has now frozen the trading market maker’s profits.
In a statement released today (March 25), Binance revealed that the entity in question was associated with another market maker it had previously off-boarded on March 9 due to misconduct, prohibiting any further activity on the protocol.
According to Binance, the trading market maker sold around 66 million MOVE tokens the day after the listing on December 10, with “few buy orders.” The user garnered a net profit of 38 million USDT before being banned from Binance just one week ago on March 18.
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In a significant victory for crypto initiatives and investors, Binance indicated that it notified the Movement Labs and Movement Foundation teams regarding discrepancies involving their crypto market maker. Binance has frozen the proceeds “to compensate users.”
Binance emphasized that all authorized crypto market makers must place both bid and ask orders on its protocol. They are also required to maintain adequate order sizes within designated depth levels, uphold a stable spread for trading market activities, and sustain orders for a specified duration.
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Movement Protocol Foundation Responds To Binance’s Asset Recovery Actions
In its own news, the Movement Network Foundation confirmed that Binance had informed it of an ongoing investigation into market-making activities related to MOVE on March 11, 2025.
Attempting to detach from the dubious activity, the foundation asserted, “Movement Protocol Foundation and Movement Labs had no prior knowledge of these actions.”
“We engaged this market maker because they had previously supported projects within the Movement ecosystem,” stated the company.
The MOVE team expressed gratitude towards Binance for its investigation. The foundation clarified that the crypto market maker had acted contrary to the project’s interests, without authorization, and violated the agreement requiring it to maintain market fluidity on both sides of the MOVE/USDT pair.
According to the organization’s statement, all proceeds will be directed by the Movement Protocol Foundation to establish the “Movement Strategic Reserve.” This will function as a 38 million USDT buyback initiative aimed at “acquiring MOVE for long-term utilization and restoring USDT liquidity to the Movement ecosystem.”
In conjunction with Binance, the buyback program is expected to unfold over the next three months.
Following this announcement, MOVE has risen over 4% in value on the day, experiencing a trading volume of $144 million within the same period. Movement crypto was initially created at Meta (previously Facebook) by a team associated with the now-defunct ‘Diem’ stablecoin project.
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Binance freezes $38 million USDT from Movement (MOVE) trading market maker that sold tokens post-launch
- The market maker has been linked to a previously banned market maker by Binance
- Movement has expressed gratitude to Binance for recovering the funds and claims they had no knowledge of the market maker’s actions
- The Movement Network Foundation is committed to utilizing the funds to launch a buyback program to enhance its ecosystem
The post Binance Identifies Movement Trading market Maker That Dumped $38 Million MOVE Tokens appeared first on 99Bitcoins.
