Movement Network Launches $38M Buyback Plan Following Market Maker MOVE Manipulation

Movement Network Foundation has announced the termination of all partnerships with an unnamed market maker and initiated a substantial $38 million buyback program following Binance alerts. This action follows revelations linking the market maker to unethical practices and a subsequent investigation into their activities.

The Foundation has also alerted other exchanges regarding the market maker’s conduct, urging vigilance and caution in their dealings. We will execute the buyback program on Binance over the next three months. The program is designed to support and stabilize the MOVE token and the broader Movement Network ecosystem.

Binance Alerts

Binance stated that the Movement market maker is linked to a company they had banned earlier for bad behavior. The exchange pointed to an event on December 10, soon after they listed the MOVE token.

The market maker sold 66 million MOVE tokens when few people bought them. This reportedly earned the company about $38 million USDT before they were removed from Binance on March 18.

The investigation found that the market maker, also involved in GPS SHELL and connected to Web3Port (Whisper), harmed the MOVE token. Information on Rootdata shows Web3Port invests in other projects like Puffer, UXLINK, and Bitlayer, causing worry about possible effects on Web3 investments.

The Movement Network Foundation is working hard to keep the system fair. The $38 million buyback is a big investment to bring back trust and stability.

Movement Network Declare Stance

Binance’s recent investigation into the market maker’s activities involving tokens like $MOVE recently came to light. The Movement Network Foundation and Movement Labs said it had no prior knowledge of this investigation.

Furthermore, the network noted the market maker previously supported projects within its ecosystem, which led to their engagement with them.

“Thanks to Binance, we learned that shortly after the $MOVE TGE in December 2024, the market maker sold a substantial amount of $MOVE without completing meaningful buy orders. This happened against our wishes, without our consent, and was in breach of our agreement, which required the MM to provide liquidity on both sides of the $MOVE/$USDT pair,” Movement network states.

Consequently, the Movement Network Foundation is establishing the Movement Strategic Reserve. The cash proceeds recovered from the market maker, totaling 38 million $USDT, will fund this reserve. The reserve will primarily facilitate a buyback program. This program will purchase $MOVE tokens for long-term strategic use and restore USDT liquidity to the Movement ecosystem, strengthening its overall financial stability.

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