The Binance investigation exposed a MOVE Token dumper who earned US$38 million, after which the exchange launched a token buyback program to rebuild trust before the arrival of 2025.
Binance discovered that one of their market makers allegedly dumped 66 million MOVE tokens following its December 10 release and collected 38 million USDT from this harmful transaction. Binance demonstrated no hesitation in their message, exposing the dishonest individual and freezing their profits. The Movement Network Foundation announced a $38 million program to clean up the damage as their foundation rebuilds integrity in the marketplace. Binance’s recent developments will be explained together with upcoming plans.
The Bust: Market Maker’s Misadventure
The investigation at Binance revealed that a deceitful market maker from MOVE was responsible for this token that uses the Movement ecosystem platform. On the first day of its launch (December 11) the unidentified market maker sold away 66 million tokens but received only minimal buy orders, thereby amassing 38 million USDT. Market maker activities were not limited to one incident since Binance traced this particular player to a different market maker it had formerly removed from the platform for GPS and SHELL token issues. On March 18, the MOVE dumper had to leave the platform while staff secured their profits.
The exchange demanded that market makers maintain stable spreads between asking and bid prices with both deep levels of buying and selling available. The exchange took action because this one failed to comply with the terms. The goal? Protect users. POV: The escalated funds are reserved for compensation according to the exchange, although a specific payment strategy remains unclear.
Movement’s Response: $38M Redemption Plan
The Foundation faced complete surprise at the situation. According to their official statement, the management of Movement Network Foundation stated they were taken aback because they had chosen this market maker based on its connection to their market. Immediately after Binance discovered the abnormality on March 11, they severed their relationship, alerted other exchanges, and coordinated with Binance to recover the stolen 38 million USDT. Their fix? The Coinbase Strategic Reserve program ran for a span of three months on Binance.
Here’s the plan:
- The entire 38 million USDT funds will purchase MOVE tokens within the scope of this buyback plan.
- The purpose is to enhance liquidity while maintaining the tokens through an on-chain wallet with translucency.
- An increase of 7% took the price to $0.46 based on The Block’s information.
This plan may boost prices but fails to describe how it aids Binance’s original motivation of helping investors recover from the funds’ original drop.
What’s Movement, Anyway?
Movement operates differently from most Ethereum Layer 2 blockchain solutions. According to Movement’s co-founder Rushi Manche, the platform functions as a “fast finality rollup” or sidechain despite using programming code from Move version 1.1, which Meta drew from its abandoned Diem initiative. The integration extends Move functionality from Aptos and Sui by implementing Ethereum security for fast transactions. The spotlight moment reveals itself as a major challenge for this drama.
The Bigger Picture
Following multiple previous scandals, Binance has intensified its control over market maker regulation. The recent MOVE buyback allows Movement to restore trust by stabilizing the token, which receives support from investors, including Polychain Capital and Trump’s World Liberty Financial, with their $3.42 million contribution. Will it work? The next three months will decide the plan’s success, but the current strategy aims to transform a negative image into recovery.
