The organization behind the Movement Network said it will use $38 million recovered from a market maker to buy back MOVE tokens over the next three months.

On March 24, the Movement Network Foundation said it recovered about $38 million in assets from a market maker tasked with providing liquidity on buy and sell orders for the Movement (MOVE) token on Binance.

The Movement Network Foundation is planning to use $38 million recovered from a market maker to buy back Movement (MOVE) tokens over the next three months.

Announcing the move on March 24, the organization said it had recovered about $38 million in assets from a market maker tasked with providing liquidity on buy and sell orders for the MOVE token on Binance. Binance later sanctioned the market maker, freezing its proceeds and forbidding it from further market-making activities due to “market irregularities.”

The market maker, which Binance did not name, sold 66 million MOVE tokens and placed “little” in buy orders after the token’s listing, amassing $38 million in Tether (USDT) from its trades, Binance said in a March 24 statement. Binance added that it had zeroed out the market maker’s balance and informed the Movement Network Foundation of the incident.

The foundation said it had “severed all relationships” with the market maker and had recovered the frozen funds from the market maker’s “rogue actions,” which it would use in a buyback program:

The organization also shared a wallet address for its “Movement Strategic Reserve,” to which the purchased MOVE tokens would be transferred periodically.

The incident follows another Binance action against an affiliated market maker on the exchange. On March 9, Binance announced that it had offboarded market makers for projects GoPlus Security and MyShell. The exchange said it had confiscated the project’s proceeds and would make a compensation plan for its users.

Apart from market makers, the exchange recently suspended a staff member for alleged insider trading. On March 25, Binance launched an investigation on a member of its Binance Wallet team after receiving a complaint that the employee had been front-running trades.