Binance takes measures against abnormal behavior of MOVE market makers, has frozen profits for subsequent user compensation

Binance announced that it has discovered a connection between a market maker for the Movement (MOVE) project and another market maker that has recently been banned

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Binance takes measures against abnormal behavior of MOVE market makers, has frozen profits for subsequent user compensation

Binance announced that it has discovered a connection between a market maker for the Movement (MOVE) project and another market maker that has recently been banned by Binance from continuing market-making activities on the platform due to improper behavior.

According to the announcement, the abnormal behavior of this market maker included: selling approximately 66 million MOVE tokens one day after MOVE was launched (2024-12-10), with almost no buy orders to support it. Before the cooperation was terminated by Binance on 2025-03-18, this market maker had already gained a net profit of about 38 million USDT.

To protect user interests, Binance has taken the following measures:

Movement Foundation: Unaware of market maker's behavior and has severed all ties, will use recovered funds to repurchase MOVE

In response to Binance's handling measures regarding the market violations of the Movement (MOVE) project market maker, the Movement Network Foundation stated that both the Movement Network Foundation and Movement Labs were completely unaware of this, and the reason for choosing to cooperate with this market maker was that they had previously supported projects within the Movement ecosystem. They have now severed all ties with this market maker (including ecosystem partnerships) and have contacted other major exchanges to inform them of the ongoing investigation. Throughout the incident, the Movement Network Foundation has actively cooperated with Binance and has committed to using the funds recovered from MM to repurchase $MOVE on the open market.

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The new fund will be supported by Crypto.com for technology and crypto asset custody, covering cryptocurrencies such as Bitcoin and Cronos, and will also include securities assets related to the 'Made in America' theme, covering multiple industries including energy. TMTG plans to invest up to $250 million of its own funds, with the funds being held by Charles Schwab.

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This initiative is part of the foundation's collaboration with House of Doge. House of Doge became the foundation's official commercialization partner after signing a five-year cooperation agreement in February this year. According to the announcement, the DOGE reserve aims to serve as a proof of concept, demonstrating the feasibility of Dogecoin in efficient, seamless transactions.

"The launch of the Dogecoin reserve is an important step for House of Doge to realize its vision of making Dogecoin a fast and reliable payment option for businesses and consumers," the announcement stated. "Through innovative technology, merchants will be able to accept Dogecoin payments instantly at checkout, avoiding the typical wait times of blockchain transactions while providing the same level of trust as traditional payment methods."

According to the announcement, House of Doge will announce its first strategic partners in the coming months to showcase the practical applications of Dogecoin as a global payment solution. Additionally, the Dogecoin Foundation plans to collaborate with "major sporting events" to promote the use of Dogecoin and focus on educating users on how to use self-custody Dogecoin wallets.

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