Binance Bans Market Maker Linked to MOVE Project Over Misconduct

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In a striking turn of events worthy of a most riveting novel, the esteemed cryptocurrency exchange known as Binance has deigned to announce its disapproval of a certain market maker associated with the Movement (MOVE) project, whose conduct has, shall we say, fallen rather short of propriety.

In a decisive stroke reminiscent of a heroine casting off the entanglements of an unworthy suitor, Binance has frozen the ill-gotten profits accrued by this market maker, with plans to redistribute said funds to those poor souls who might have found themselves suffering under the market maker’s dubious dealings. 🙄

The Mysterious Miscreant Linked to the Movement

As per their latest communiqué, Binance has intimated that this errant market maker is entwined with another scoundrel who had previously been cast out from the platform for equally lamentable misconduct. This particular miscreant has allegedly extended its dubious services to projects of questionable repute such as GoPlus Security (GPS) and MyShell (SHELL). 🎩

Market makers, one might say, are akin to the diligent merchants of yore, facilitating the buy and sell of assets whilst generously providing liquidity. However, alas! This particular market maker was found to have breached the sanctity of Binance’s strictures, which demand that one maintain sizeable orders, ensure that bid-ask spreads do not resemble the wild fluctuations of a tempestuous sea, and refrain from the manipulative antics associated with high-frequency trading.

On the fateful day of December 10, 2024, this market maker, with an audacity matched only by the most flamboyant of rogues, sold approximately 66 million MOVE tokens with but a pittance of buy orders mere hours after they had graced the marketplace. This calculated maneuver led to a stunning profit of 38 million USDT, after which Binance, like an offended matron, promptly delisted the firm on March 18, 2025.

While Binance has withheld the name of this notorious market maker, gossip has spread through the digital parlors and salons of the X community, suggesting that the culprit might just be Web3port. 😏

“Upon gathering intelligence from scandalous sources, it appears rather conclusively that the market makers for GoPlus, MyShell, and Movement – all recently scrutinized by Binance – are one and the same: the infamous Web3port,” remarked a user of the X platform.

In a continuation of this sordid tale, Binance has stated with great fervor that it has frozen all profits derived from this mercenary. The Movement Network Foundation and Movement Labs have hastened to proclaim on their official virtual parchment that they were blissfully unaware of their partner’s misconduct—a veritable naiveté, one might muse. Their reasoning for allying with this firm was based upon its erstwhile support for other projects within the Movement ecosystem, which now stands in jeopardy.

Yet, the clarion call of their statement did little to elucidate whether they would sever ties with this market maker in future dealings. Instead, they proposed a rather grandiose plan to utilize the retrieved funds for a MOVE token buyback program, seemingly oblivious to the humorous irony of their situation.

“All cash proceeds reclaimed from the Market Maker shall be employed by the Movement Network Foundation to establish the Movement Strategic Reserve: a delightful 38 million $USDT buyback program intended to procure $MOVE for the long term and to return the USDT liquidity to the Movement ecosystem,” their announcement stated with much pomp.

Moreover, in a riveting subplot worthy of the finest dramas, another user on X brought to light two additional market makers engaged in peculiar activities. It was claimed that Flowdesk received 1.66 million MOVE tokens from the project team, only to see these tokens shortly thereafter deposited into various exchanges, such as Coinbase, OKX, and KuCoin, as if they were hastily casting off heavy burdens. 🎭

In a similarly curious fashion, GSR Markets reportedly received a staggering 70 million MOVE tokens, which they promptly transferred to an array of exchanges. While there exists no irrefutable evidence of misconduct on their part, such goings-on have certainly stirred the pot within the community.

Despite the unfolding drama and controversy akin to a playful political farce, it appears the price of the MOVE token itself has increased nearly 7% within the span of a mere 24 hours, reaching an admirable $0.4597. Such is the irony of the marketplace! 💰

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2025-03-25 15:07