In a declaration made on Tuesday, Binance confirmed that the actor was linked to another market maker for GPS and SHELL, which were disassociated from the platform on March 9 due to misconduct. The firm further alleged that the market maker sold approximately 66 million MOVE tokens a day after it was listed on December 10, with minimal buy orders. This entity netted a profit of 38 million USDT before being ousted from Binance on March 18.

Binance informed Movement Labs and Movement Foundation teams of the irregularities with their market maker and froze the proceeds for compensating the users. The exchange stressed that all authorized market makers on the platform must place orders for both bid and ask, ensure sufficient order size, maintain a stable market spread, and retain orders for a specific amount of time.

Following Binance’s announcement, the MOVE token saw a 7% increase, reaching $0.46, as per The Block’s Movement Price page.

In a separate notification, Movement Network Foundation admitted that Binance alerted them about an ongoing investigation into the market-making activities involving MOVE on March 11. The foundation stated that they were unaware of these activities and opted to collaborate with the market maker as they had previously supported projects within the Movement ecosystem.

The foundation showed gratitude to Binance for its investigation, adding that the entity acted against the project’s wishes and violated its agreement that required it to provide liquidity on both sides of the MOVE/USDT pair.

Upon receiving information about the activity from Binance, Movement Network Foundation severed all ties with the market maker and informed other crypto exchanges about the investigation. It then cooperated with Binance to recover the funds and pledged to use them for buying back MOVE on public markets.

All recovered funds will be used by the Movement Network Foundation to establish the “Movement Strategic Reserve” — a 38 million USDT buyback program to purchase MOVE for long-term use and return the USDT liquidity to the Movement ecosystem. The buyback program will take place over the next three months on Binance, with purchased MOVE tokens periodically transferred to the Movement Strategic Reserve’s onchain wallet.

Despite the potential influence of the buyback and reserve on price, it remains unclear how the program directly compensates users affected — the stated purpose of Binance freezing the funds initially.

Movement Labs extends the use of the Move programming language beyond the popular Aptos and Sui Layer 1 blockchains. Although it uses Ethereum for security, the network is not a Layer 2 chain and is more aptly defined as a fast finality rollup or a sidechain, according to Movement Labs co-founder Rushi Manche.

The Move was originally developed at Meta by a team from Facebook’s now-inactive Diem stablecoin project.

The post Binance Sheds Light on MOVE Token Dump; Movement’s $38 Million Buyback Plan Unveiled appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Last Thursday, the on-chain data disclosed that World Liberty Financial has significantly enhanced its treasury, garnering $10 million in ether (ETH), $10 million in Wrapped Bitcoin (WBTC), and $1.5 million in MOVE tokens, the native currency of the Movement Network blockchain ecosystem. Nansen, a blockchain analytics company, posted on its platform that Trump’s project, World Liberty Financial, has made a $25 million crypto move, hinting at more to follow.

Arkham Intelligence’s data further showcased World Liberty Financial’s significant Ethereum holdings growth over the past week, increasing from approximately 2,200 ETH on Monday to over 7,000 ETH by Thursday.

The timing of these acquisitions is crucial, considering they coincide with the upcoming White House Crypto Summit. Here, ex-President Trump is set to interact with leading cryptocurrency founders. The summit intends to discuss future cryptocurrency regulations and the potential establishment of a strategic crypto reserve by the U.S.

Bitcoin’s price increased by over 3% in the last 24 hours as investors anticipate signals from Friday’s summit on future market trends. Bitcoin momentarily reached $92,700 before falling back to $91,380 amid profit-booking. Among the top ten cryptocurrencies, Dogecoin led the rally with a 4% surge, while Solana and Ether posted around 3.8% and 2.3% gains, respectively. However, Cardano’s trading remained stagnant.

Thursday’s market recovery boosted bullish sentiments after a volatile week. On Sunday, Trump announced a strategic crypto reserve, potentially including XRP, ADA, and ether. But, enthusiasm faded as the week progressed and the market retracted due to new U.S. tariffs, causing traders to anticipate further details.

Market analysts expect more price movement leading up to Friday’s event, with the market awaiting greater regulatory clarity for the cryptocurrency sector. According to QCP Capital analysts, “This Friday marks a historic milestone — the first-ever White House Crypto Summit. However, without any concrete executive orders, funding commitments, or congressional backing in place, the market remains in wait-and-see mode.”

Disclaimer: The Block is an independent media outlet delivering news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently, providing objective, impactful, and timely crypto industry information. This article is for informational purposes only and is not intended as legal, tax, investment, financial, or other advice.

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