Binance Bans Market Maker for Irregularities in Movement Token Trading
Binance, one of the top global crypto exchanges, has taken action against a market maker involved in trading Movement (MOVE) tokens after identifying certain irregularities. The exchange has frozen the assets of the market maker, who was operating for the Ethereum-based layer-2 project Movement.
Movement utilizes Move, a programming language initially created by a consortium supported by Meta for the now-defunct Diem project. The language has since been used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).
The native token of the Movement project was launched through Binance’s Airdrops Portal in December. However, after the listing of MOVE tokens, the market maker in question sold approximately 66 million MOVE tokens on December 10th with minimal buy orders. This resulted in a profit of $38 million worth of USDT before Binance offboarded the market maker last week. Binance has informed the Movement teams and frozen the market maker’s proceeds to compensate affected users.
Notably, the banned market maker was also linked to another entity that Binance had banned earlier this month. This entity operated as a liquidity provider for the decentralized security layer GoPlus Security (GPS) and the AI consumer project MyShell (SHELL).
As a result of these actions, MOVE token has seen a nearly 24% increase in value over the past 24 hours. The token, currently ranked 77th by market cap, is trading at $0.546 at the time of writing.
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