The Movement Network Foundation announced its plan to utilize $38 million recovered from a market maker to repurchase MOVE tokens over the next three months.
Recovery of $38 Million from Market Maker
On March 24, the Movement Network Foundation announced the recovery of approximately $38 million from a market maker that was responsible for providing liquidity for the MOVE token on Binance. Binance had offboarded the market maker due to market irregularities, freezing its proceeds and banning it from further activities.
MOVE Token Buyback Program
According to Binance, the market maker sold 66 million MOVE tokens after the listing, with minimal buy orders placed. This resulted in $38 million in Tether (USDT) profits. These funds were frozen by Binance and returned to the Movement Network Foundation. The foundation plans to use these funds to initiate a Movement Strategic Reserve — a $38 million buyback program for MOVE to restore USDT liquidity to the ecosystem.
Binance Investigates Market Irregularities
This incident follows another action by Binance against an affiliated market maker on the exchange. On March 9, Binance announced it had offboarded market makers for the GoPlus Security and MyShell projects, seizing the project's proceeds and devising a compensation plan for users. Recently, the exchange suspended a staff member for alleged insider trading and launched an investigation.
The Movement Network Foundation is actively working on restoring liquidity to its ecosystem through a token buyback program, demonstrating a serious approach to project management.
