Movement Network Recovers $38M, Begins 3-Month MOVE Token Buyback

The Movement Network Foundation has announced the recovery of $38 million in assets from a market maker previously engaged in questionable trading activities on Binance. 

In response, the foundation is launching a buyback initiative to support the Movement (MOVE) token ecosystem, aimed at enhancing token stability and promoting long-term growth.

The issue arose after Binance, one of the world’s largest cryptocurrency exchanges, detected irregular trading behavior from a market maker responsible for MOVE token liquidity. Rather than fulfilling its role by placing balanced buy and sell orders, the market maker disproportionately sold MOVE tokens, breaching Binance’s market integrity policies.

Movement Network Launches $38M Buyback Program

According to Binance, the market maker sold 66 million MOVE tokens while placing minimal buy orders, ultimately generating $38 million in Tether (USDT). Binance froze the proceeds and offboarded the market maker, citing “market irregularities.”

Also read: Crypto.com Reverses ‘Forever’ Token Burn — Is CRO a Scam?

On March 24, the Movement Network Foundation confirmed that it had recovered the frozen USDT and severed all ties with the market maker. The foundation stated that it would allocate the recovered funds to a buyback initiative managed through the newly established “Movement Strategic Reserve.” Over the next three months, the reserve will purchase MOVE tokens to strengthen liquidity and restore confidence in the project.

Binance’s Broader Crackdown on Misconduct

This incident is part of a wider effort by Binance to address market manipulation. Earlier in March, the exchange took similar action against market makers linked to the GoPlus Security and MyShell projects. Binance confiscated their proceeds and announced plans to compensate affected users.

In a separate internal matter, Binance is investigating a team member from its Wallet division following allegations of insider trading. The platform emphasized its commitment to maintaining integrity and transparency across all operations.

Also read: Bitcoin and Ethereum Whales Accumulate as Prices Recover From Recent Lows

With the Movement Network’s $38 million buyback program now underway, the broader crypto community will be watching closely to assess its impact on MOVE’s market performance over the coming months.