Earlier today, Binance released a report shedding light on the MOVE market maker’s actions, which triggered a sharp price drop after its launch.
Investigation into MOVE Price Drop
Binance conducted an investigation into the MOVE market maker that caused a significant price drop immediately after its launch in December 2024. MOVE is part of an ecosystem of modular Move-Based blockchains which enables developers to build blockchain applications.
Binance Actions Regarding MOVE
Binance identified connections between the MOVE market maker and a previously offboarded member due to misconduct. Violations included massive token sales causing price collapse. In response, Binance froze proceeds gained by the market maker and banned further activities.
MOVE Price Surge After Report
Following the report’s release, MOVE’s price surged by over 4%, reaching $0.45. The token’s market capitalization increased from $1.06 to $1.13 billion.
Binance’s actions in investigating and correcting misconduct resulted in a positive market reaction. The developments continue to be closely monitored.
