Binance Freezes Account of Market Maker Associated with Movement (MOVE) Token, Dumped Over 66 Million Coins

The leading crypto exchange, Binance has frozen the account of the market maker associated with Movement (MOVE) token, alleging that the entity performed against rules and dumped over 66 million tokens.

Binance, the leading crypto exchange, has frozen the account of the market maker associated with Movement (MOVE) token for performing against rules and dumping over 66 million tokens. By doing so, they have gained a profit of over $38 million in USDT.

In a latest announcement, the exchange shared that they have identified the market maker of Movement Network, which was associated with other market makers that Binance previously restricted due to the same misconduct.

“One day after MOVE was listed, approximately 66 million MOVE tokens were sold by the Market Maker on 2024-12-10 (UTC), with little buy orders,” says Binance, adding “the Market Maker had an eventual net profit of 38 million USDT before it was offboarded on 2025-03-18.”

Following their illicit behavior, Binance has taken some stiff action against the market maker and has also informed this irregularity to Movement Foundation and Movement Labs. Furthermore, The frozen funds from the account will be used to compensate victims who lost their money during the token dumping period.

“Froze proceeds from the Market Maker for the purpose of compensating users (Detailed plan will be determined and communicated by project later)” said the team while confirming that the market maker is now offboarded and has been forbidden for conducting any further market making activities on Binance.

In a follow-up statement, the Movement Network Foundation said that Binance has informed them of the ongoing investigation and they had no knowledge about the incident.

“Thanks to Binance, we learned that shortly after the $MOVE TGE in December 2024, the market maker sold a substantial amount of $MOVE without completing meaningful buy orders,” said Movement Foundation, “This happened against our wishes, without our consent, and was in breach of our agreement, which required the MM to provide liquidity on both sides of the $MOVE/$USDT pair. Once Binance informed us of this conduct had happened, we collaborated with Binance and acted to recover the funds.”

The foundation also confirmed that all funds recovered from the market maker will be used to establish the Movement Strategic Reserve which will launch a 38 million USDT buyback program. This initiative will return the liquidity to the Movement ecosystem while using purchased MOVE tokens for long-term use.