From Cointelegraph

March 25, 2025 06:27:00 AM:

The Movement Network plans to use $38 million recovered from a market maker to repurchase MOVE tokens over three months. Binance offboarded the market maker due to “market irregularities,” freezing their profits and banning further market-making activities. Market makers provide liquidity to crypto tokens, ensuring smooth exchange operations.

Binance revealed that the market maker sold 66 million MOVE tokens post-listing, resulting in $38 million in Tether profits. The exchange froze the earnings and notified the Movement Network Foundation. The foundation cut ties with the market maker and recovered the frozen funds for a buyback program to establish a Movement Strategic Reserve.

Following Binance’s actions against a market maker linked to GoPlus Security and MyShell, the exchange confiscated the projects’ earnings and promised user compensation. Besides market makers, Binance recently suspended a staff member for alleged insider trading, launching an investigation into front-running trades by a Binance Wallet team member.

Read more at Cointelegraph: Movement Network to buy back tokens with $38M recovered from rogue market maker