TechFlow news, April 22 — According to an official announcement, the Movement Network Foundation has announced a third-party review of abnormal activities involving external market makers. The foundation has engaged Groom Lake, a specialized digital asset intelligence firm, to conduct this review. Upon completion, the foundation will release the findings and actions taken.
Previously, on March 25, the Movement Network Foundation stated that on March 11 it was notified by Binance that a market maker was suspected of improper operations involving multiple tokens, including the MOVE token. After the MOVE token generation event (TGE), the market maker dumped large amounts of tokens, violating its agreement to provide two-way liquidity support. The foundation claimed to have had no prior knowledge of these actions and immediately severed ties upon discovery, notified other exchanges, and assisted Binance in its investigation. The foundation said it has recovered the relevant funds and plans to use the recovered $38 million to repurchase MOVE tokens on the open market and establish the "Movement Strategic Reserve" fund.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / [email protected] ICP License: 琼ICP备2022009338号
