Ahmet Bedirhan Arvas 
Movement Network announced that it has reclaimed $38 million in funds after identifying unfair gains made by a market maker and will use this amount for MOVE token buybacks. In cryptocurrency markets, liquidity providers play a crucial role in ensuring smooth trading. However, in some cases, manipulative market activities can undermine investor confidence. This situation serves as a clear example of a breach of trust in the market.
What Is a Buyback and Why Is It Important?
Token buyback programs in the cryptocurrency market are typically implemented to increase token value and restore market confidence. A project’s commitment to a multi-million-dollar buyback program demonstrates its dedication to the ecosystem and can be perceived as a positive signal for investors.
How Did Binance Detect Manipulative Transactions?
After the launch of the MOVE token, cryptocurrency exchange Binance detected suspicious trading activities. The exchange found that the market maker had sold 66 million MOVE tokens while providing low liquidity on buy orders. This led to price suppression and market manipulation.
According to Binance’s analysis, the market maker gained $38 million in Tether (USDT) through these activities. Upon identifying this unfair profit, Binance froze the market maker’s assets and removed them from the platform. Additionally, the details of the incident were reported to the Movement Network Foundation.
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Movement Network’s Buyback Strategy
Following these developments, the Movement Network Foundation announced that it had cut all ties with the market maker and would initiate a strategic buyback program to reintegrate the recovered funds into its ecosystem.
These funds will be used for two primary objectives:
- Conducting buybacks to ensure the long-term stability of MOVE tokens
- Increasing USDT liquidity in the ecosystem to maintain market balance
As part of this initiative, the foundation has established a fund called the Movement Strategic Reserve, which will regularly purchase MOVE tokens.