Binance Will Facilitate a Movement (MOVE) Buyback Plan

Binance will facilitate a Movement (MOVE) buyback plan, to repair the damage of a market maker that sold the token in December 2024.

Binance is facilitating a Movement (MOVE) buyback plan, to repair the damage of a market maker that sold the token in December 2024. MOVE will buy back up to $38M of its tokens to repair the damage.

Binance has discovered the effects of a malicious market maker for Movement (MOVE), which operated in late 2024. The market maker was also linked to another firm banned from Binance for misconduct previously.

After the investigation, Movement dropped the partnership with the unnamed market maker. However, the damage was already done, as the MM dumped 66M MOVE tokens on December 10. The aggressive trading led to profits of $38M, as the market maker remained active until March 18, when Binance banned all activity.

The token pricing scandal comes at a time when MOVE is getting more attention for its inclusion in the portfolio of World Liberty Financial. Trump’s fund still holds MOVE valued at $3.5M, a relatively minor part of the portfolio, but granting more visibility to the project. The Movement Network is dedicated to offering fast, cheap on-chain access for smart contracts using the Move programming language.

Movement Network launches $38M buyback to offset losses

After the discovery, the Movement Network Foundation launched a $38M buyback to support the ecosystem and erase the effect of the selling. The buyback will be supported by Binance and will be spread over the next three months.

Movement itself blamed the market shifts on their partner, denying any intention to crash the token price. Following the news of the buyback, MOVE recovered to $0.45, though still trading near its lower range. The buyback aims to bring back trust in the token and possibly repair its market price.

The Movement Network Foundation will gain access to the funds frozen by Binance, a strategic reserve of 38M USDT. This will return stablecoin liquidity into the MOVE ecosystem. The purchased MOVE will not be burned, but will be brought back into a transparent on-chain wallet in the form of a strategic reserve.

MOVE peaked at $1.12, though always facing selling pressure. Soon after launching, the project also sold some of its tokens through Bybit, as noted by on-chain investigators. MOVE tokens may face further selling pressure, as the supply is only 25% unlocked. From the end of 2025 onward, the project will continue with more linear unlocks for early ecosystem backers. The Movement project has raised $41.4M from VC backers, and has set aside a significant part of its tokens for early investors.

The recent discovery of deliberate rapid selling is linked to an earlier case on Binance. At one point, the token airdrop for GoPlus (GPS) was followed by a rapid market crash. The market maker for that event also worked with MyShell (SHELL). Both GPS and SHELL had deep losses in the past month, erasing over 70% of their value.

Binance listings are often linked to market volatility, as multiple traders try to take profits. Binance has been tracking the activity more closely, trying to discover rogue market makers that do not follow the liquidity requirements for all respective trading pairs.

Binance protects users from aggressive market makers

After the MOVE selling, Binance took additional steps to protect users. Movement Labs and Movement Foundation were notified of the irregularities with their market maker. The aggressive trading proceeds were also frozen and retained to compensate users. Binance is yet to determine a detailed compensation plan based on the affected parties. The market maker is forbidden from any other market-making activities on Binance.

To be approved by Binance, project-related market makers must avoid aggressive trading. Usually, rogue MMs will place mostly selling bids, while being required to place both bid and ask orders. Market makers must also secure sufficient order size and market depth, as well as a reasonably healthy spread for a specified market depth. This is to avoid high volatility and loss of reputation for the token.

For now, Binance does not sanction the projects, but will remove market makers with similar one-sided strategies.