MOVE Token Plummets 28% Amid Shady Market Maker Scandal!

Movement Labs Launches Probe as Binance Drops Hammer on Rogue Trader

Hang onto your hats, crypto fans! The MOVE token is on a wild ride, crashing a jaw-dropping 28% in the last week. It's now hovering just 4% above its rock-bottom low as a third-party investigation heats up over some seriously fishy market maker moves on Binance.

Here's the scoop: Movement Labs (MOVE) just kicked off a full-blown investigation into some shady market maker shenanigans with their token. It all started when Binance caught some unnamed market maker dumping a whopping 66 million MOVE tokens right after the launch, while barely lifting a finger to buy any back. Binance wasn't messing around—they booted the market maker and froze millions in dirty profits, possibly to help out the users who got burned.

I caught up with a Movement Labs spokesperson who told Blockworks:

“Movement Network Foundation is diving deep with a third-party review after spotting some weird market maker action. It's all about keeping things crystal clear and holding folks accountable. We're not jumping the gun on what might happen next, but rest assured, business is booming while we sort this out.”

Movement Labs is playing it close to the vest on who the bad actor is, but the on-chain sleuth ZachXBT got the inside scoop that it's linked to Web3Port. And guess what? Blockworks found out that Web3Port's been cozying up to Movement Labs on social media lately.

Binance tipped off the Movement Network Foundation about these market maker oddities on March 24. Get this—the very next day, MOVE went on a tear, skyrocketing from $0.421470 to close at $0.553776 on March 25. We're talking a bullish marubozu candle that smashed through the 20-day EMA and 50-day SMA like it was nothing! But hold on, because after that, MOVE took a nosedive, hitting an all-time low of $0.2301 on April 17 before clawing its way back to about $0.24021 as we speak.