The main crypto alternate, Binance has frozen the account of the market maker related to Motion (MOVE) token, alleging that the entity carried out in opposition to guidelines and dumped over 66 million tokens. By doing so, they’ve gained a revenue of over $38 million in USDT.
In a modern announcement, the alternate shared that they’ve recognized the market maker of Motion Community, which was related to different market makers that Binance beforehand restricted as a result of similar misconduct.
“In the future after MOVE was listed, roughly 66 million MOVE tokens had been offered by the Market Maker on 2024-12-10 (UTC), with little purchase orders,” says Binance, including “the Market Maker had an eventual web revenue of 38 million USDT earlier than it was offboarded on 2025-03-18.”
Following their illicit conduct, Binance has taken some stiff motion in opposition to the market maker and has additionally knowledgeable this irregularity to Motion Basis and Motion Labs. Moreover, The frozen funds from the account shall be used to compensate victims who misplaced their cash throughout the token dumping interval.
“Froze proceeds from the Market Maker for the aim of compensating customers (Detailed plan shall be decided and communicated by venture later)” stated the group whereas confirming that the market maker is now offboarded and has been forbidden for conducting any additional market making actions on Binance.
In a follow-up statement, the Motion Community Basis stated that Binance has knowledgeable them of the continued investigation and so they had no data concerning the incident.
“Due to Binance, we realized that shortly after the $MOVE TGE in December 2024, the market maker offered a considerable quantity of $MOVE with out finishing significant purchase orders,” stated Motion Basis, “This occurred in opposition to our needs, with out our consent, and was in breach of our settlement, which required the MM to supply liquidity on either side of the $MOVE/$USDT pair. As soon as Binance knowledgeable us that this conduct had occurred, we collaborated with Binance and acted to get better the funds.”
The muse additionally confirmed that each one funds recovered from the market maker shall be used to determine the Motion Strategic Reserve which is able to launch a 38 million USDT buyback program. This initiative will return the liquidity to the Motion ecosystem whereas utilizing bought MOVE tokens for long-term use.
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