{"id":125767,"date":"2025-03-25T11:15:54","date_gmt":"2025-03-25T11:15:54","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125767"},"modified":"2025-03-25T11:15:54","modified_gmt":"2025-03-25T11:15:54","slug":"movement-network-to-buy-back-tokens-with-38m-recovered-from-rogue-market-maker","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125767","title":{"rendered":"Movement Network to buy back tokens with $38M recovered from rogue market maker"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe organization behind the Movement Network said it will use $38 million recovered from a market maker to buy back MOVE tokens over the next three months.<br \/>\nOn March 24, the Movement Network Foundation said it recovered about $38 million in assets from a market maker tasked with providing liquidity on buy and sell orders for the Movement (MOVE) token on Binance.\u00a0<br \/>\nBinance offboarded the market maker due to \u201cmarket irregularities.\u201d The exchange sanctioned the market maker, freezing its proceeds and forbidding it from further market-making activities.\u00a0\u00a0<br \/>\nMarket makers provide liquidity to crypto tokens to attract traders and stabilize their prices. These entities are tasked with providing liquidity on both buy and sell orders to ensure the smooth operation of crypto exchanges.\u00a0<br \/>\nMovement Network commits $38 million to token buyback<br \/>\nAccording to Binance, the market maker sold 66 million MOVE tokens after the token was listed, while placing \u201clittle\u201d in buy orders. These trades netted the market maker $38 million in Tether (USDT) from their trades.\u00a0<br \/>\nBinance said it froze the profits and informed the Movement Network Foundation of the incident.<br \/>\nThe foundation said it had \u201csevered all relationships\u201d with the market maker and had recovered the frozen funds from the market maker\u2019s rogue actions, which it said it would use in a buyback program:\u00a0<br \/>\n\u201cAll cash proceeds recovered from the Market Maker will be used by the Movement Network Foundation to establish the Movement Strategic Reserve: a 38M $USDT buyback program to purchase $MOVE for long-term use and to return the USDT liquidity to the Movement ecosystem.\u201d<br \/>\nThe organization also shared a wallet address for its \u201cMovement Strategic Reserve,\u201d to which the purchased MOVE tokens will be transferred periodically.\u00a0<br \/>\nRelated: Binance is not \u2018dumping\u2019 Solana and other token holdings \u2014 Spokesperson<br \/>\nBinance investigates market irregularities<br \/>\nThe incident follows another Binance action against an affiliated market maker on the exchange. On March 9, Binance announced that it had offboarded market makers for projects GoPlus Security and MyShell. The exchange said it had confiscated the project\u2019s proceeds and would make a compensation plan for its users.\u00a0<br \/>\nApart from market makers, the exchange recently suspended a staff member for alleged insider trading. On March 25, Binance launched an investigation on a member of its Binance Wallet team after receiving a complaint that the employee had been front-running trades.\u00a0<br \/>\nMagazine: Ridiculous \u2018Chinese Mint\u2019 crypto scam, Japan dives into stablecoins: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/movement-network-binance-38-million-buyback?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe organization behind the Movement Network said it will use $38 million recovered from a market maker to buy back MOVE tokens over the next three months. On&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125767"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125767"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125767\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125767"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}