MOVE Buyback Initiated by Movement Network Amid Binance Market Maker Allegations for $38M

Movement Network has announced a $38 million buyback program for its MOVE token after accusing a market maker of violating their contract.

In a statement posted on their official blog on March 24, the Movement Network Foundation disclosed that Binance had informed them earlier this month about the issue. The market maker had reportedly been selling significant quantities of Movement Network (MOVE) tokens without providing the necessary liquidity on the MOVE/USDT trading pair.

The foundation claims it was unaware of the market maker's actions and terminated their relationship upon learning about it. The team has been collaborating with Binance to recoup the funds. Movement Network plans to use the $38 million in Tether (USDT) that has already been retrieved to repurchase MOVE tokens on the open market.

The buyback will be conducted on Binance over the next three months, with tokens being periodically transferred to the Movement Strategic Reserve.

Movement Network is a modular blockchain ecosystem enabling developers to launch high-performance MoveVM rollups that connect the Move and Ethereum Virtual Machine networks. The network integrates with Ethereum (ETH) through a dedicated bridge and boasts a transaction capacity of over 160,000 per second.

On March 10, Movement Network introduced its Public Mainnet Beta, enabling decentralized applications to be deployed permissionlessly. To address the cold start problem, where new blockchains face liquidity challenges, Movement unveiled Cornucopia, an incentivized liquidity bootstrapping program, along with its Public Mainnet Beta. The program has helped Movement Network secure over $250 million in total value locked.

With a market capitalization of $1.1 billion, the blockchain is supported by numerous prominent investors, including Polychain Capital and Binance Labs. Notably, Donald Trump's World Liberty Financial holds $3.42 million worth of MOVE, according to data from Arkham Intelligence, indicating growing institutional interest in the token.