Movement Network Foundation to Repurchase $38 Million in MOVE Tokens After Market Maker Misconduct

Movement Network Foundation has announced a third-party review of previous market maker misconduct. The Foundation has engaged Groom
, a professional intelligence agency in the digital asset field, to conduct this review. Upon completion, the Foundation will release the review results and the actions taken.The Foundation's decision to conduct a third-party review follows an incident on March 11, when they received a notification from Binance regarding a market maker suspected of improper conduct with multiple tokens, including the MOVE token. The market maker was accused of dumping a large amount of tokens after the MOVE TGE, violating the protocol under which they provided bidirectional liquidity support. The Foundation stated that they were completely unaware of this misconduct and immediately severed ties with the market maker upon learning of the incident. They also notified other exchanges and assisted Binance in its investigation.
The Foundation has recovered the related funds and plans to use the recovered $38 million to repurchase MOVE on the open market. This repurchase will take place on Binance over the next three months, and the purchased MOVE tokens will be regularly transferred to the official on-chain wallet. The Foundation aims to establish the "Movement Strategic Reserve" strategic reserve fund through this repurchase.
The Foundation's proactive measures to address the market maker misconduct and their commitment to transparency and accountability are commendable. By conducting a third-party review and taking steps to recover the funds and repurchase the tokens, the Foundation is demonstrating its dedication to maintaining the integrity of the Movement Network and protecting the interests of its stakeholders.

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