TechFlow news, on March 25, the Movement Network Foundation released a statement disclosing an issue related to a market maker and its resolution. On March 11, Binance notified the Movement Network Foundation that it was investigating a market maker involved with multiple tokens, including MOVE.
The investigation revealed that shortly after the MOVE token generation event in December 2024, the market maker sold a large amount of MOVE without placing meaningful buy orders, violating the agreement requiring liquidity provision on both sides of the MOVE/USDT trading pair.
In response, the Movement Network Foundation has taken several actions: terminating all relationships with the market maker, including ecosystem partnerships; notifying other major exchanges about the ongoing investigation; actively cooperating with Binance; and establishing a fund recovery plan.
The foundation has committed to using recovered funds from the market maker to establish the Movement Strategic Reserve: a $38 million buyback program to purchase MOVE tokens on the open market and return USDT liquidity to the Movement ecosystem.
The statement noted that the purchase of MOVE using the recovered 38 million USDT will take place on Binance over the next three months. The acquired MOVE tokens will be periodically transferred to the Movement Strategic Reserve’s on-chain wallet: 0xA14C8e3eBb2Da43d027dC2c1b763387B9D59cACe.
