Movement Network to Establish Strategic Reserve with $38 Million Recovered from Market Maker

Movement Network, an Ethereum Virtual Machine (EVM) compatible blockchain, is setting up a strategic reserve for its native MOVE token with the proceeds recovered from a market maker that dumped tokens, according to a Mar. 24 press release.

MOVE has surged by 25% in the past day, according to Coingecko data.

The Movement Strategic Reserve will use the recovered 38 million USDT to buy MOVE tokens over three months for long-term use and “return USDT liquidity into the Move ecosystem.”

The move comes after Binance identified a market maker that sold approximately 66 million MOVE tokens a day after Movement’s Dec. 9 token generation event (TGE) with negligible buy orders, netting a 38 million USDT profit. Upon the discovery, Binance froze the sale proceeds and offboarded the market maker to prevent further incidents.

Binance said the Movement market maker was associated with another that it had previously kicked off its platform for misconduct. Movement, meanwhile, cut ties with the market maker and informed other exchanges of its ongoing investigation.

“We’re grateful for Binance’s investigation. It helped us identify and address an issue we didn’t know existed, and we appreciate their thoroughness in protecting our broader ecosystem,” Movement said.