Binance has frozen the account of a market maker associated with the Movement (MOVE) token due to misconduct and actions against user interests.
MOVE Token Misconduct
Binance identified that the market maker of the Movement Network, previously involved in similar misconducts, sold approximately 66 million MOVE tokens with minimal buy orders, leading to a profit of 38 million USDT.
Actions Taken by Binance
After identifying the violations, Binance froze the market maker's funds and notified Movement Foundation and Movement Labs. The frozen funds will be used to compensate affected users.
Movement Foundation's Reaction
The Movement Foundation stated that Binance informed them about the ongoing investigation and they were unaware of the incident. All recovered funds will be used to establish the Movement Strategic Reserve and launch a 38 million USDT buyback program.
Binance has taken decisive actions to ensure fairness and security on its platform, holding perpetrators accountable and working towards restoring liquidity to the Movement ecosystem.
