Movement Announces Buyback of MOVE from Price Manipulation by MM

On March 25, Binance issued a warning regarding MOVE token price manipulation by a Market Maker (MM). According to Binance, this MM offloaded a large amount of tokens immediately after MOVE’s TGE event, violating the agreement for two-way liquidity provision.

Upon receiving the information, Movement Network asserted that they were unaware of this activity beforehand. The project promptly terminated its partnership with the MM in question, informed other exchanges, and began cooperating with Binance in the investigation.

Notably, Movement Network successfully recovered the related funds and announced a plan to use the $38 million retrieved to buy back MOVE on the open market. The acquired tokens will be allocated to the “Movement Strategic Reserve”. The buyback process will take place on Binance over the next three months, with the purchased MOVE periodically transferred to the official on-chain wallet: 0xA14C8e3eBb2Da43d027dC2c1b763387B9D59cACe.

This announcement had an immediate positive impact, driving MOVE’s price up by 33% in the past 24 hours, now trading around $0.575.

Movement Network is a modular blockchain ecosystem that enables developers to deploy high-performance MoveVM rollups while seamlessly connecting the Move ecosystem with the Ethereum Virtual Machine (EVM).

Related: What is Movement? Information about MOVE Token

The network integrates with Ethereum via a dedicated bridge, boasting the ability to process over 160,000 transactions per second, creating a robust and efficient DeFi environment.