In a delicious twist of digital fate, the grand cryptocurrency bazaar, Binance, has given the boot to a sly market maker who thought he could outsmart the system. Alas, his plot to dump the MOVE token like yesterday’s coffee grounds did not go unnoticed.
This cunning creature of the crypto world managed to pour millions of MOVE tokens into the eager market on December 9, only to vanish like a ghost in the night, leaving behind a trail of $38 million in Tether (USDT) profits. A sum that would make even the most jaded of market manipulators salivate.
But lo! Binance, ever the vigilant guardian of digital assets, spotted the shenanigans and promptly showed the miscreant the door. No more market-making fun for you, sir!
It turns out this shadowy figure was linked to another misbehaving market maker already banished by Binance for similar shenanigans involving GPS and SHELL tokens. Binance, it seems, has a zero-tolerance policy for such tomfoolery.
Upon uncovering the 66 million MOVE token dump, Binance took swift action on March 18, not only offboarding the market maker but also ensuring he won’t be playing their game again. A stern warning to all would-be manipulators: Binance is watching.
The crypto community was informed, the Movement Labs and Movement Network Foundation were notified, and the proceeds from the market maker’s misconduct will be used to right the wrongs done to MOVE users. Justice, it seems, is not just a concept in the crypto world.
The Movement Foundation, in a blog post that surely caused a stir, claimed ignorance of the market maker’s antics until Binance pointed it out. They severed ties, informed other exchanges, and are now on a mission to buy back MOVE tokens with the recovered funds, establishing the Movement Strategic Reserve in the process.
“In our commitment to transparency and community,” they declared, “purchases of $MOVE using the 38M $USDT recovered from the market maker will occur on Binance over the next three months.” A bold move indeed.
In the wake of this drama, MOVE tokens experienced a surge, jumping nearly 6% in the past 24 hours, as if to say, “We’re back, and we’re better than ever!”
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2025-03-25 20:31