Movement: A $38 million MOVE repurchase program will be held at Binance within three months, and has cut ties with market makers who sell a large number of tokens after TGE

PANews March 25th news, the Movement Network Foundation issued a statement saying that it received a Binance notice on March 11th that a market maker was suspected of improperly operating multiple tokens including $MOVE. The market maker sold out a large amount of tokens after $MOVE TGE, violating its protocol to provide bidirectional liquidity support. The foundation was unaware of this and immediately cut off its relationship with it after learning about it, notified other exchanges and assisted Binance in the investigation.

Movement Network said it has recovered relevant funds and plans to use the recovered $38 million to repurchase $MOVE in the open market and establish a "Movement Strategic Reserve" strategic reserve fund. The repurchase will be conducted at Binance within the next three months, and the purchased $MOVE will be transferred to the official on-chain wallet 0xA14C8e3eBb2Da43d027dC2c1b763387B9D59cACe.