Binance uncovered issues related to the Movement (MOVE) project's market maker, leading to financial losses and market instability.
Threats from the Market Maker
Binance identified that a market maker associated with the Movement project was violating rules, disrupting stable trading activities. In response, the company enhanced its efforts to ensure a fair trading environment.
Impact on MOVE
Following the MOVE token's listing, there was a significant liquidity disruption on December 10, 2024. The market maker sold 66 million MOVE tokens without matching buy orders, adversely affecting the token's market conditions. It amassed a profit of 38 million USDT before being removed from the platform on March 18, 2025.
Binance's Response
Binance notified Movement Labs and Movement Foundation of the discovered irregularities. The market maker's earnings were frozen to provide future compensation to affected users. Binance emphasized the importance of ethical market making, setting strict standards that include maintaining liquidity, ensuring order sizes, and preventing bid-ask discrepancies.
Binance is committed to maintaining fair market conditions, as demonstrated by their prompt response to the MOVE market maker's actions. Further violations will be firmly addressed.
